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- In a market where the supply curve is perfectly inelastic how does an excise tax affect the price paid by consumers and the quantity bought and sold?Given the demand and supply equations below, show the burden of a 50% tax on the producers. What is the (a) burden, tax revenue? Then replace the % tax with $40 per unit tax. What is the tax burden and tax revenue? 200 I0 120 00 PO GO 20 Qtr 140 IGO I O % tax: burden on consumer burden on producer tax revenue Unit tax: burden on con burden on producer sumer tax revenue Which tax as a consumer do you prefer?1 t The data describes the market for luxury boats. Now the government puts 20 percent tax on luxury boats. With the tax imposed, the price of a luxury boat is OA. $330 million OB. $1.10 million OC. $0.20 million D. $1.20 million OE. $1 million a With the 20 percent tax on luxury boats, OA. the buyer pays all of the tax. OB. the buyer and the seller split the tax evenly. OC. the tax reduces the quantity of luxury boats sold to zero, so there is no tax. OD. it is impossible to say how the tax is split between the buyer and seller. OE. the seller pays all of the tax. 9 The government raises tax revenue of s Z 2 W S 3 e d millinn. AOC с C с $ 4 r f % 5 v t 6.0 Oll 6 3 b y h The supply of luxury boats is perfectly elastic, the demand for luxury boats is unit elastic, and with no tax on luxury boats the price is $1 million and 330 luxury boats a week are bought. & 7 u 1.60 1.40 1.20 1.00+ 0.80+ Q n 132 j Price (millions of dollars per boat) 198 264 330 Quantity (boats per week) sss Draw…
- d. 25. Clear my choice Price P₁ P₂ C E GH The tax in the graph is equal to Select one: 2 S₂ Quantity O a. P₁-P4 O b. P2-P4 OC. P4-Ps O d. Answers (a) and (c) both measure the excise tax. O e. Answers (b) and (c) both measure the excise tax.The demand for cigarettes, which create negativeexternalities through secondhand smoke, is oftenrelatively inelastic. That is, when the price of cigarettes changes, the quantity demanded changes bya smaller portion. Using this fact, explain to whatextent you think a tax on cigarettes would fulfilleach of the goals of taxation.Suppose a tax is imposed on sellers. The more inelastic the demand for the taxed item, the اختر أحد الخيارات .a. smaller the deadweight loss from the tax O .b. All of the above answers are correct .C. greater the share of the tax paid by sellers .d. larger the decrease in consumption because of the tax O
- Which type of goods are the best choice for levying or applying an excise tax? O Gasoline; almost everyone uses it, so the government will definitely get the tax revenue. O Luxury sports cars; these are luxury goods and those who can afford them can afford to pay more in taxes. O Alcohol; no one needs alcohol and besides if the tax reduces alcohol consumption, fewer innocent people will be harmed in DUI accidents.Suppose the California legislature passed a sweeping law to lower the number of regulations for building homes such as increasing the parking requirements and setback requirements. Suppose there is a housing tax. a. What is the effect of this law on the PES for housing? b. What effect would this law have on the tax burden for buyers?Both a payroll tax and an excise tax on alcoholraise revenue and, respectively, shrink the marketsfor labor and alcohol. Although both have somefunctions in common, governments may havedifferent goals when levying them. What goalsdo you think motivate a payroll tax? What goalsmotivate an alcohol tax?
- Suppose the market for cigarette is competitive. An economist estimates the price elasticity of demand and supply for cigarette are -0.6 and 0.8 respectively. a. Suppose the government imposes a per-unit tax on the cigarette sellers. Who, buyers or sellers, would share a heavier tax burden? Explain your answers without calculation. b. Suppose the government imposes a per-unit tax of $40 on the cigarette sellers. By how much would buyers and sellers of cigarettes share the tax burden respectively? Show your calculation. c. Suppose many small sellers, such as newsstands, complain the heavy tax burden borne by them. Would it be better to these small sellers if the government decides to impose a $20 per-unit tax on both the buyers and the sellers of cigarette? Explain.The govemment is considering imposing taxes onthe sellers of certain classes of products. The first tax they are considering is a tax on 2% milk. The second is a tax on all dairy products. The third is a tax on all food products. Which of these three taxes would you expect to have the largest impact on the sticker prices of the taxed products? Explain.The supply of oil is more elastic than the demand for oil. If oil is taxed $10 per barrel, how will the tax be divided ?between the buyers and sellers The sellers will pay more of the tax than the buyers .a O The sellers and buyers will split the tax evenly .b O .The sellers will pay the entire tax .c O The buyers will pay more of the tax than the sellers .d O