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67. 69. 70. . EXERCISE 21 Luxury goods are often a tempting target for taxation because they are by denition unnecessary and are also consumed more by wealthy people, who would potentially suffer less from higher taxes. Suppose that the demand for luxury goods is given by D(p) = 700,0[1], 0001335 and the supply of luxury goods is given by 5(1)) = 3105. What is the equilibrium price for luxury goods? {Bound to two decimals if necessary.) Suppose that a 10% tax on luxury goods is put in place. What is the buyer's price? What is the seller's price? What is the additional cost per unit to buyers after the tax? What is the decrease in revenue per unit to sellers after the tax? Who bears most of the burden of the tax? a. buyers b. sellers c. The burden is equally shared. 71. EXERECISE 22 A rm produces output 3; using two inputs that we'll call input 1 (denoted :91) and input 2 (denoted $2). The rm has a Cobb-Douglas production technology and a production function given by y = f(2:1, 2:2) = Ax?'71'3'2, where the parameter A can take on any positive value. Suppose A is equal to 10. Does this function exhibit increasing, decreasing, or constant returns to scale? a. increasing b. decreasing c. constant 72. When A is equal to 2000, does the function exhibit increasing, decreasing, or constant returns to scale? 3.. increasing b. decreasing c. constant Economics 2A Quiz 2, Phil 2021 11 73. Finally, if A is equal to 0.75, does the function exhibit increasing, decreasing, or constant returns to scale? a. increasing b. decreasing c. constant