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- Suppose the government imposes a $3 excise tax on the sale of sweaters in Alaska by charging suppliers $3 for each sweater sold. Using economic analysis, we would predict that: the price of sweaters will increase but by less than $3 consumers of sweaters will bear the entire amount of the tax the price of sweaters will decrease by $3 the price of sweaters will increase by $3 From the lecture video on elasticity, suppose a surfboard producer was considering lowering the price of surfboards in order to increase total revenues. Under what conditions would this idea work?) Always, because when producers lower price, consumption increases. This is the Law of Demand. When the elasticity of demand is inelastic. When the elasticity of demand is elastic. When the elasticity of demand is -0.58.Briefly explain why Cross Elasticity of Demand (XED) is important for business decision-making.What is the main difference between the law of demand and the price elasticity of demand?
- Fill in the blank What does the income elasticity of demand measures_______________________.Why Elasticity of Demand of Goods and Services Matters for Actors in the Economy?Illustrate and explain using a diagram how to imposition of an excise tax on petrol at the time of purchase A) affect the equilibrium price and quantity of petrol B) how the cost of this tax is distributed between the buyers and sellers C) illustrate and explain by using a diagram who will pay the cost of this petrol excise tax if demand for petrol is perfectly price inelastic.
- Country Z produces and consumes only two products: milk and bread. The price elasticity of demand ofbread is Ed = −0.1 = 0.1 and the price elasticity of demand of wheat is Ed = −2 = 2The government of country Z needs a significant amount of fund to tackle the current coronavirussituation. To obtain the fund, they have decided to impose a $ 5 tax on either the sellers of rice or thesellers of wheat. Currently, both the equilibrium prices of wheat and rice are $20 per unit respectively.The equilibrium quantities of wheat and rice are 10,000 units (per day) respectively.As the economic advisor of country Z, what would you advise the government of country Z. Whichproduct should they tax to obtain the fund to tackle the coronavirus situation? Discuss in detail using theModel of Demand and Supply (your answer should include two well labeled graphs).The following graph shows the supply of a good. 360 Supply 180 80 90 QUANTITY (Units) For each of the regions, use the midpoint method to identify whether the supply of this good is elastic or Inelastic. Region Elastic Inelastic Between Y and z Between W and X True or False: For high levels of quantity supplied where firms have reached near maximum capacity, supply becomes more elastic because firms may need to invest in additional capital in order to increase production further. O True O False PRICE (Doliars per unit)A city’s hotel tax used to be 20%. Today it is 12%. Total hotel tax revenue today is greater at a 12% tax than hotel tax revenue used to be at the 20% rate. Use a tax incidence (or tax shifting) supply and demand diagram to show both higher total tax revenue at the 12% tax rate, and lower total tax revenue at the 20% tax rate. Draw Arthur Laffer’s curve to show both the tax percentage reduction, and the total tax revenue increase. Label both diagrams fully.
- Question 28 As part of a health program, a city imposes a tax on soda pop. We would expect consumers to pay almost all of this tax if demand is what? a inelastic and supply is inelastic b inelastic and supply is elastic c elastic and supply is elastic d elastic and supply is inelastic1. Jack, a music major, is perusing Jill's notes for her economics class, where she has written that "total revenues will rise with price rises only if demand is elastic." Jack tells Jill II this is nonsense because firms can always increase their revenues by raising price. How should Jill respond?The government wants to stop obesity in children, so they decide to tax soda producers for each unit of soda sold. If demand for soda is relatively elastic, and supply is relatively inelastic will suppliers or consumers pay a larger share of the tax? Briefly explain why.