If the government wishes to discourage smoking by tax increases, the buyer pays a larger share of the tax ifthe:Select one:O a. tax is imposed on the buyerO b.price is higherO c.supply is price inelasticO d.demand is price inelasticO e. tax is imposed on the seller You and your best friend want to hire a professional photographer to take pictures of your two families. Thecosts of the four potential sellers in the local photography market are: Lebron $700; Kobe $600; Kevin $450 andSteve $400. You and your friend agree to offer $500 for each session. Who accepts the offer, and what is thetotal producer surplus in the market?Select one:O a. Kevin and Steve; $150Ob. LeBron and Kobe: $500Oc. LeBron and Kobe; $300Od. Kevin and Steve: $500Bw

Since you have asked multiple question, we will solve the first question for you. If you want any…

If the government wishes to discourage smoking by tax increases, the buyer pays a larger share of the tax if the: Select one: O a. tax is imposed on the buyer O b. price is higher O c. supply is price inelastic Od. demand is price inelastic Oe. tax is imposed on the seller

If the government wishes to discourage smoking by tax increases, the buyer pays a larger share of the tax if the: Select one: O a. tax is imposed on the buyer O b. price is higher O c. supply is price inelastic Od. demand is price inelastic Oe. tax is imposed on the seller

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 7PA

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Question

If the government wishes to discourage smoking by tax increases, the buyer pays a larger share of the tax if
the:
Select one:
O a. tax is imposed on the buyer
O b.
price is higher
O c.
supply is price inelastic
O d.
demand is price inelastic
O e. tax is imposed on the seller

You and your best friend want to hire a professional photographer to take pictures of your two families. The
costs of the four potential sellers in the local photography market are: Lebron $700; Kobe $600; Kevin $450 and
Steve $400. You and your friend agree to offer $500 for each session. Who accepts the offer, and what is the
total producer surplus in the market?
Select one:
O a. Kevin and Steve; $150
Ob. LeBron and Kobe: $500
Oc. LeBron and Kobe; $300
Od. Kevin and Steve: $500
B
w

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