Description This question can be found in Chapter 3: Section 3.3. Problem #56: Laffer Equation During the 1980s, the controversial economist Arthur Laffer promoted the idea that tax increases lead to a reduction in government revenue. Called supply-side economics, the theory uses functions such as f (x) = 80x - 8000 , 30 s x S 100 x - 110 This function models the government tax revenue, f(x), in tens of billions of dollars, in terms of the tax rate, x. The graph of the function is shown. It illustrates tax revenue decreasing quite dramatically as the tax rate increases. At a tax rate of (gasp) 100%, the government takes all of our money and no one has the incentive to work. With no income earned, zero dollars in tax revenue is generated. Use function f and its graph to solve. f(x) = 80x - 8000 80 x - 110 Government Tax Revenue (tens of billions of dollars) 40 - At a 100% tax rate, 20 T $0 in tax revenue is generated. - .x 20 40 60 80 100 Tax Rate Instructions You will have 2 attempts for each Chapter Application. As a precaution, be sure to answer the question(s) on a separate sheet of paper prior to selecting "begin". Once started, the test must be completed in one sitting. Do not leave the test before selecting Save and Submit. Follow the directions carefully for each problem. The highest score will be recorded. Good luck!Find f(40). Round your answer to two decimal places. S 3 points Save Answer QUESTION 2 Rewrite the function by using long division to perform (80X 8000) + (X 110). Then use the answer to find f(40). Round your answer to two decimal places. E 3 points Save Answer QUESTION 3 How do the answers from Problem 1 and Problem 2 compare? 0 The answer from Problem 1 is greater than the answer from Problem 2. O The answers from both are the same. 0 The answer from Problem 1 is less than the answer from Problem 2. QUESTION 4 Write the equation of the horizontal asymptote of f(x), if one exists. Does the horizontal asymptote mean anything in the context of this problem? Why or why not? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Open Sans, s... v 10pt V WN - V . . . A v TX E E X2 X2 - + ABC V X EXE T (;} O (? Ky + P O WORDS POWERED BY TINY 2 points Save