Foundations of Economics (8th Edition)
Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 8, Problem 8MCQ
To determine

To select:

The correct option that states the principal of fairness and its preposition.

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The table shows the market for tulips.   Price (dollars per bunch) Quantity demanded Quantity supplied (bunches per week) 10 100 40 12 90 60 14 80 80 16 70 100 18 60 120   If tulips are taxed at $6 a bunch, what is the tax revenue? Tax revenue is $______ a week.
Answer the following questions. You may put your answers on this sheet and upload a picture. You can print this and draw on your sheet. You can also just redraw the graph on your paper if you are doing this with paper and pencil. Write the answers and calculations on a separate sheet of paper. This is the market for bags of cat litter. Price of Bag of Cat Litter (5) 10 Maximum WTP y=15 Minimum Costly 1.6667 10 20 50 70 Bags of Cat Libec (in thousands) 1. What are the equilibrium price P, and quantity Q, in this market? Identify them in the graph. 2. Calculate consumer surplus and producer surplus for the equilibrium. Include your formula and show your work. 3. Suppose there is a $5.00 tax imposed on this market. Draw in the tax and label the quantity produced as Qr. (You can estimate where the tax will go. We don't have exact measures with this graph.) 4. What is the price that buyers pay when there is a tax? Label it P, in your graph. 5. What is the price that sellers receive when…
Discuss justice and fairness while answering the questions. 1. Who should pay for the cost of social housing in the Philippines? 2. Who should carry the burden of taxation? 3. Who should benefit from the taxes?
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