5 O out a. market (b) Refer to Figure 6-13. In which market will the majority of a tax be paid by the buyer? ob. c. d. market (a) * market (d) market (c) Figure 6-14 Price D Quantity Qua
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- Suppose the the demand for a product is given by Qd = 40 − 3P , andsupply by Qs = 5 + 2P Suppose that government places a tax on consumers of 10 per unit onproducers.(a) What will be the price and quantity with the tax?(b) How much will be the consumer be paying, including the tax, for each unit that the consumer purchases?(c) How much will the government be collecting in tax revenues?(d) What is the consumer surplus now that a tax has been placed on theproduct?(e) What is the producer surplus?(f) What is the deadweight loss?Do it plzCBS is selling advertising for its broadeast of the AFC championship game. The station's demand for minutes of commercial advertising time is the demand it faces from the companies to which it sells advertising tme: Pans= 100,000 - 500.CBS Las MC -S2000. Buyes pay CBS aprice Pens for cach minute of adNertising and add S1.000 for each ad to cover the tax they pay, so their MCans PeRs + 1000, No one has any fixed costts. Ihe price buyers will pay tor ads is (use dollar sign and any commns: no decimal places)
- Which of the following is an example of a Tax Deduction? O Clothing Expenses O Child Dependency Expenses O Educational Expenses O Travel Expenses 1 3 4 NextIn Class, 10–25 Minutes for Teams For each of thefollowing products, determine at least three differentprices that might be charged. Then survey each of theindividuals within your group to find out how much ofeach product they would buy at each price point foreach of the products. For each product, calculate theprice elasticity of demand to determine whether thedemand is elastic or inelastic.a. Cheese pizzas per monthb. Movie tickets per monthc. Concert tickets per yearSuppose a new employer is also relocatingto Lampard City and will be attractingmany new people who will want to buynew houses. Assume that the change in licensing requirements mentioned in Ques-tion 7 occurs at the same time. What do you think will happen to the equilibriumquantity of new homes bought and sold inLampard City?a. It will decrease substantially.b. It will decrease but not by much.c. It will increase.d. Not enough information.
- Not yet 16 Marked out of 1.00 14 S- MSC 12 lag question 10 8. 6. 4. D-MSB 8. 9 10 Quantity (millions of CDs per month) Using the above figure, which of the following quantities of CDs has the largest deadweight loss? Select one: Oa. The deadweight losses associated with the three quantities given above are all equal. Ob.3 million CDs O c4million CDs 00 HUAWEI Nov 3 Al CAMERA Type nere Price (dollars per CD jirThe chart below shows how annual electricity for an average Ontario household would vary with the price paid for electricity. Calculate the arc elasticity of demand for electricity for this average houschold. Also, in the final column, calculate the total revenue from sales of clectricity to this household. Price Quantity Demanded Kwh/year Total Revenue $/kwh Elasticity of Demand $0.25 1200 -0.36 $0.20 1300 $0.15 1400 $0.10 1500 $0.05 1600 Hint: The own price elasticity of demand is the percentage change in the quantity demanded divided by the percentage change in the price. What factors do you think influence the elasticity of demand for this household?4. John Stain estimates that the demand curve for his PaneMaster insulated windows is given by 350-2P Q Currently, John is charging $150 per window, including installation. John is considering a sale. Find the price elasticity of demand for PaneMaster Windows and comment on the advisability of a sale. = a) EQp = -0.67 so the consequences of a sale cannot be determined b) Eqp = -0.67, so a sale would increase profits c) EQp = -6.00, so the consequences of a sale cannot be determined d) EQp = -6.00, so a sale would increase profits
- Question 6 Figure 8-3 Price ww P₂ P₁ 0 -Tax- P3ACP1 ABC P2DAP3 A P1CDP2 9₁ Refer to Figure 8-3. What area represents the amount of tax revenue received by the government? B 92 Quantity12LGjjfiV9KIUa7A14QC7gvvPrKFtW6ZwP60WrVE/edit AP 100% PRICE Dolars perp Answer Price ($) 10. Using the graph below, determine the equilibrium price and quantity of pens. 0000 5000- 3000 2000- Normal text Answer: RUBRIC Worksheet 2 Scenario 11. Using the graph below, determine the approximate equilibrium price and quantity of soap. Supety 3 QUANTITY ons of pens) Demand Curve Arial Supply Curve Cartoon P Quantity Supplied Price determination AND PRICE 11 Demand + B I UA A13. If a good has a perfectly inelastic supply curve and downward sloping demand curve, then: (a) A unit tax in this market creates deadweight loss. (b) Any subsidy imposed in this market will have no effect on price. (c) An ad valorem tax in this market is less effective than a unit tax. (d) A subsidy will be effective in changing P but not Q. (e) None of the above.