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Solved in 3 steps with 2 images
- Instructions: Type in the amount of a tax, and click Supply or Demand to choose whether the tax is imposed on sellers or on buyers. Then move the Demand or Supply sliders to change the elasticities of supply and demand Set the tool to illustrate an $8 tax imposed on the buyers. Adjust the elasticity demand so that the vertical intercept is $80. Adjust the supply elasticity so that the vertical intercept of the supply curve is $40. Answer the following questions: a. What is the price paid with this $8 tax? $[ (answer to two decimal places) D. How does the new price change as you move the supply slider towards "less elastic?" the after price talis c. What changes if you impose the tax on sellers instead of on buyers? supply shifts instead of demandfrom the image calculate for the market with cigarettes after tax the tax the price paid by consumers price received by producers quantity of cigarettes soldwhat the meaning of tax?
- point(s) possible Submit Next question The graph shows the market for basketballs, when sellers are taxed $6 a ball. Price (dollars per ball) 27 What is the excess burden of the tax? 25- Is the demand for basketballs or the supply of basketballs more inelastic? $+tax 23- 21- 19- Draw a shape that shows the excess burden of the tax on basketballs. 17+16 15 15- AS The excess burden of the tax on basketballs is $ million. 13- D The supply of basketballs is more than the demand for basketballs, and 11-T0 the pays most of the tax. SS 9- O A. inelastic; seller 7- 12 O B. inelastic; buyer 5+ 16 12 Quantity (millions of balls) 8. C. elastic; buyer D. elastic: seller >> Draw only the objects specified in the question. its O Time Remaining: 00:53:44 Next mpleted his course (ECON202 s2022 online) is based on Bade/Parkin: Foundations of Microeconomics, 9e MacBook Pro O O O OCalculate with the tax Price received by producer Quantity of cigarettes sold Price made by the consumer The taxWhat is the formula/ way to include tax into these equations. I’m not sure how to graph
- Question 38 Please refer to the description of a tax on a market, represented by the graphic What is the price (including tax) that the buyer pays after the tax is imposed?How does tax affect AE line? Draw graphs to explainIf the government wants to raise tax revenue, which of the following items are good candidates for an excise tax? Choose one or more: A. toilet paper B. automobile tires C. cigarettes D. sweet potatoes
- Follow up question regarding elasticities and taxes.Question 39 Please refer to the description of a tax on a market, represented by the graphic What is the price that the seller receives (net of tax) after the tax is imposed?what will happen to the equilibrium of mobile phones of government announces higher sales taxes on mobile phones?
