Chrome File Edit View History Bookmarks Profiles Tab Window Help M J : 3 0 7 9 8 Sat Oct 9 4:40 PM .. . University of Nevada, Las Vega X Homework (Ch 08) X MindTap - Cengage Learning X G Suppose the government impo x + ng.cengage.com/staticb/ui/evo/index.html? deploymentld=598281236560221612301640424&eISBN=9780357133606&id=1253450993&snapshotld=2527345& Apps Bookmarks Apple G google TurboTax - Verizon Level 25 . Cox J Travelers UNLV Health Finance Pass Details MI 10 Inform Speech Reading List Maxwell CENGAGE | MINDTAP Q Search this course ? My Home Homework (Ch 08) X Courses 3. Relationship between tax revenues, deadweight loss, and demandelasticity Catalog and Study Tools The government is considering levying a tax of $100 per unit on suppliers of either leather jackets or smartphones. The supply curve for each of these two goods is identical, as you can see on each of the following graphs. The demand for leather jackets is shown by DL (on the first graph), and the A-Z Rental Options demand for smartphones is shown by Ds (on the second graph). Suppose the government taxes leather jackets. The following graph shows the annual supply and demand for this good. It also shows the supply curve College Success Tips S + Tax) shifted up by the amount of the proposed tax ($100 per jacket). Career Success Tips On the following graph, use the green rectangle (triangle symbols) to shade the area that represents tax revenue for leather jackets. Then use the ? Help black triangle (plus symbols) to shade the area that represents the deadweight loss associated with the tax. Give Feedback ? Leather Jackets Market bongo 240 220 Supply 200 S+Tax Tax Revenue Deadweight Loss A+ PRICE (Dollars per jacket) 0 8 8 8 8 8 5 5 8 8 O 0 50 100 150 200 250 300 350 400 450 500 550 600 QUANTITY (Jackets Instead, suppose the government taxes smartphones. The following graph shows the annual supply and demand for this good, as well as the supply curve shifted up by the amount of the proposed tax ($100 per phone). On the following r leather jackets. U angle (triangleChrome File Edit View History Bookmarks Profiles Tab Window Help M J : 3 0 7 9 8 Sat Oct 9 4:40 PM .. . University of Nevada, Las Vega X Homework (Ch 08) X MindTap - Cengage Learning X G Suppose the government impo x + ng.cengage.com/staticb/ui/evo/index.html? deploymentld=598281236560221612301640424&eISBN=9780357133606&id=1253450993&snapshotld=2527345& Apps Bookmarks Apple G google TurboTax - Verizon Level 25 Cox ] Travelers UNLV Health Finance Pass Details MI 10 Inform Speech Reading List Maxwell CENGAGE | MINDTAP Q Search this course ? My Home Homework (Ch 08) X Instead, suppose the government taxes smartphones. The following graph shows the annual supply and demand for this good, as well as the supply Courses curve shifted up by the amount of the proposed tax ($100 per phone). Catalog and Study Tools On the following graph, do for smartphones the same thing you did previously on the graph for leather jackets. Use the green rectangle (triangle A-Z Rental Options symbols) to shade the area that represents tax revenue for smartphones. Then, use the black triangle (plus symbols) to shade the area that represents the deadweight loss associated with the tax. College Success Tips ? Career Success Tips ? Help Smartphones Market Give Feedback 240 220 Supply 200 S+Tax Tax Revenue bongo 180 160 Deadweight Loss PRICE (Dollars per phone 0 8 8 8 8 8 5 5 A+ 0 50 100 150 200 250 300 350 400 450 500 550 600 O QUANTITY (Phones Complete the following table with the tax revenue collected and deadweight loss caused by each of the tax proposals. Tax Revenue Deadweight Loss If the Government Taxes... (Dollars) (Dollars) Leather jackets at $100 per jacket Smartphones at $100 per phoneChrome File Edit View History Bookmarks Profiles Tab Window Help M J : 3 0 7 9 8 Sat Oct 9 4:40 PM .. . University of Nevada, Las Vega X Homework (Ch 08) X MindTap - Cengage Learning X G Suppose the government impo x + ng.cengage.com/staticb/ui/evo/index.html?deploymentld=598281236560221612301640424&eISBN=9780357133606&id=1253450993&snapshotld=2527345& Apps Bookmarks Apple G google TurboTax - Verizon Level 25 . Cox J Travelers UNLV Health Finance Pass Details MI 10 Inform Speech Reading List Maxwell CENGAGE | MINDTAP Q Search this course ? Homework (Ch 08) X My Home Courses Smartphones Market Catalog and Study Tools A-Z 240 Rental Options 220 Supply 200 College Success Tips S+Tax Tax Revenue 180 + Career Success Tips 160 140 Deadweight Loss ? Help 120 PRICE (Dollars per phone Give Feedback 100 8 8 8 8 bongo DS 0 50 100 150 200 250 300 350 400 450 500 550 600 QUANTITY (Phones) A+ Complete the following table with the tax revenue collected and deadweight loss caused by each of the tax proposals. Tax Revenue Deadweight Loss If the Government Taxes... (Dollars) (Dollars Leather jackets at $100 per jacket Smartphones at $100 per phone Suppose the government wants to tax the good that will generate more tax revenue at a lower welfare cost. In this case, it should tax because, all else held constant, taxing a good with a relatively elastic demand generates larger tax revenue and smaller deadweight loss. Grade It Now Save & Continue Continue without saving