The following graph represents the demand and supply for an imaginary good called a pinckney. The black point (plus symbol) indicates the pre-tax equilibrium. Suppose the government has just decided to impose a tax on this market; the grey points (star symbol) indicate the after-tax scenario.
2. Taxes and welfare
Consider the market for commercial fans. The following graph shows the demand and supply for commercial fans before the government imposes any taxes.
3. Relationship between tax revenues, deadweight loss, and demandelasticity
The government is considering levying a tax of $60 per unit on suppliers of either concert tickets or bus passes. The supply curve for each of these two goods is identical, as you can see on each of the
4. The Laffer curve
Governments often place so-called sin taxes on goods or services such as cigarettes, alcohol, and pornography. These kinds of taxes are popular with politicians because they are usually more
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DeleteConsumer surplus for a group of consumers
ReplyDeleteThe following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Meade, a small town located in Kansas. The Meade market price of a VR headset is given by the horizontal black line at $240.
Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Jacques, green (triangle symbols) for Kyoko, purple (diamond symbols) for Musashi, tan (dash symbols) for Rina, and blue (circle symbols) for Sean. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a VR headset at a market price of $240. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)
Jacques
Kyoko
Musashi
Rina
Sean
0
1
2
3
4
5
6
7
8
480
420
360
300
240
180
120
60
0
PRICE (Dollars per VR headset)
QUANTITY (VR headsets)
Jacques
Kyoko
Musashi
Rina
Sean
Market Price
Based on the information on the previous graph, you can tell thatthree consumers will buy VR headsets at the given market price, and total consumer surplus in this market will be
$840
.
Attempts This attempt is in progress.This attempt is in progress Average no score out of 4/ 4
ReplyDelete3. Consumer surplus for a group of consumers
The following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Meade, a small town located in Kansas. The Meade market price of a VR headset is given by the horizontal black line at $240.
Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Jacques, green (triangle symbols) for Kyoko, purple (diamond symbols) for Musashi, tan (dash symbols) for Rina, and blue (circle symbols) for Sean. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a VR headset at a market price of $240. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)
Jacques
Kyoko
Musashi
Rina
Sean
0
1
2
3
4
5
6
7
8
480
420
360
300
240
180
120
60
0
PRICE (Dollars per VR headset)
QUANTITY (VR headsets)
Jacques
Kyoko
Musashi
Rina
Sean
Market Price
8, 270
Based on the information on the previous graph, you can tell thatthree consumers will buy VR headsets at the given market price, and total consumer surplus in this market will be
$840
.
Suppose the market price of a VR headset decreases to $120.
On the following graph, use the rectangles once again to shade the areas representing consumer surplus for each person who is willing and able to purchase a VR headset at the new market price: orange (square symbols) for Jacques, green (triangle symbols) for Kyoko, purple (diamond symbols) for Musashi, tan (dash symbols) for Rina, and blue (circle symbols) for Sean. (Note: If a person will not purchase a VR headset at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.)
Jacques
Kyoko
Musashi
Rina
Sean
0
1
2
3
4
5
6
7
8
480
420
360
300
240
180
120
60
0
PRICE (Dollars per VR headset)
QUANTITY (VR headsets)
Jacques
Kyoko
Musashi
Rina
Sean
Market Price
Based on the information in the second graph, when the market price of a VR headset decreases to $120, the number of consumers willing to buy a VR headset to , and total consumer surplus to
$