$3.50 $3.00 $2.50 Price (per latte) $2.00 $1.50 $1.00 $0.50 $0.00 0 200 400 600 800 1000 1200 1400 1600 1800 Quantity of Lattes (cups) The market for lattes is in a competitive equilibrium, as shown above. The government decides to impose a $1.50 excise tax on latte producers. After the tax is imposed what is the total tax revenue collected by the government? 200 600 O 400 O 800 Question 30 (1 point) Robert's current job pays an annual salary of $35,000. He also has $50,000 invested in mutual funds that pays $500 annually. Robert's friend tells him of this great business venture that will will generate $86,000 in revenue. The business will cost $50,000 to set up and so Robert would have to sell his mutual funds and quit his job to start the business. What is the Roberts economic profit from the business venture? 500 Oo 50,500 36,000 Question 31 (1 point) David's current salary is $20,000. He has two job offers from company X and company Y. The accounting and economic profit for David for taking each of these jobs compared to his current job are given below. What should David do? Job Economic Profit Accounting Profit X -$2000 $25,000 Y $1000 $22,000 OSwitch to either Job X or Job Y as both are equally good Switch to Job Y Stay in his current job O Switch to Job X Question 32 (1 point) Under an excise tax, the difference between the price paid by the consumer and the price received by the producer is Deadweight loss of the tax Per unit excise tax Consumer surplus Zero