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Exercise 4: Taxes & Price Ceilings Name Problem 4.1. The graph below displays the annual market for automobile tires. The federal government puts a $60 tax per tire on tire buyers. (S/tire) Supply (b) The tax reduces trade in tires by million 160 tires per year. 140 (c) In the tax equilibrium, sellers receive $ 120 per 100 tire, which is $ less than without the tax. Circle this price on the vertical axis. 80 Demand 60 (d) In the tax equilibrium, buyers pay per 40 tire, which is |$ more than without the tax. 20 Circle this tax-inclusive price on the vertical axis. 8 Tires (mil. tires/year) e) The government collects|$ per year in rev- enue from the tire tax. Illustrate the tax revenue (a) Illustrate how this $60 tax affects the demand in the graph. for or supply of tires. Mark the new equilibrium point with Et. Problem 4.2. In a world without cigarette taxes, Cedar Rapids, Iowa becomes the first place to tax cigarettes The government of Cedar Rapids taxes sellers of cigarettes $2 per pack. The supply of cigarettes to Cedar Rapids is perfectly elastic since Cedar Rapids doesn't make cigarettes (and it's a tiny part of the huge cigarette market). (1) The tay reduces smoking in C'ader Ranide bu Tout afficher X rc....xisx A WE Chapter 10+11 Q....docx ENG 2:48 PM O W P X US 3/3/2021Problem 4.2. In a world without cigarette taxes, Cedar Rapids, Iowa becomes the first place to tax cigarettes. The government of Cedar Rapids taxes sellers of cigarettes $2 per pack. The supply of cigarettes to Cedar Rapids is perfectly elastic since Cedar Rapids doesn't make cigarettes (and it's a tiny part of the huge cigarette market). (S/pack) (b) The tax reduces smoking in Cedar Rapids by 8 thousand packs per day. (c) In the tax equilibrium, smokers in Cedar Rapids 6 pay $ per pack, which is $ more 5 Supply than without the tax. Circle this tax-inclusive price on the vertical axis. (d) In the tax equilibrium, sellers keep $ per No Demand pack, which is $ less than without the tax. Circle this price on the vertical axis. 8 Smokes (ths. packs/day) (e) The government of Cedar Rapids collects (a) Illustrate how this $2 tax affects the demand for $ per day in revenue from the cigarette or supply of cigarettes. Mark the new equilibrium tax. Illustrate the tax revenue in the graph. point with Et. Problem 4.3. The graphs below display the market for kimchi, a Korean vegetable dish. Your job is to determine tax revenue and deadweight loss associated with $2-, $4-, and $8-per-jar taxes. In each graph, illustrate the tax equilibrium, and shade in the geometric objects that correspond to tax revenue and deadweight loss. Also calculate tax revenue and deadweight loss per year, and write the values in the boxes below the graph. Tout afficher X 10 - Exerc....xIsx Chapter 10+11 Q....docx ENG 2:48 PM126 Problem 4.3. The graphs below display the market for kimchi. a Korean vegetable dish. Your job is to determine tax revenue and deadweight loss associated with $2-, $4-, and $8-per-jar taxes. In each graph, illustrate the tax equilibrium, and shade in the geometric objects that correspond to tax revenue and deadweight loss. Also calculate tax revenue and deadweight loss per year, and write the values in the boxes below the graph. Economics 200 S2021: Prof. Lisa M. George Exercise 4: Taxes & Price Ceilings Nam $2 tax $4 tax $8 tax Demand Pamand a Kimchi tax revenue: |S mil./yr tax revenue: $ mil./yr tax revenue: $ mil./yr deadweight loss: $ mil./yr deadweight loss: $ mil /yr deadweight loss: $ mil. / yr Problem 4.4. The graph below depicts the monthly market for electric cars without any tax or subsidy. The2 / 3 - 81% + Problem 4.4. The graph below depicts the monthly market for electric cars without any tax or subsidy. The government subsidies sales of electric cars; it pays sellers of electric cars $15,000 per car. (S/car) (c) In the subsidy equilibrium, drivers of electric cars 80000 pay $ per car, which is $ less than 50000 Supply without the subsidy to sellers. Circle this price on the vertical axis. 4000 (d) In the subsidy equilibrium, sellers pocket (in- 3000 cluding the subsidy) $ per car, which is 20000 $ more than without the subsidy. Mark this price on the vertical axis. 10000 Demand (e) The government spends $ per month on 9 Cars (the. cars/month) the subsidy program. Illustrate this expenditure in the graph. (a) Illustrate how the subsidy affects the demand for or supply of electric cars. Mark the new equilib (f) The deadweight loss from over-production and rium point with Es. consumption of electric cars is $ per month. Show this loss in the graph (b) The subsidy lifts sales of electric cars thousand cars per month.e_Controls.pdf 3 / 3 81% + ... Problem 4.5. The graph below displays the weekly market for concert tickets in Chicago. The city government caps the price of a concert ticket at $30. (a) Add the $30 price ceiling to the graph, and mark the two points that show the quantities de- manded and supplied. 8 8 8 68 8 8 8 8 Supply (b) The price ceiling causes a shortage surplus of thousand concert goers per week. 20 10 (c) With the price ceiling. thousand people Demand attend concerts each week. 20 30 50 60 70 80 90 100 0 (the. tickets/wook) Problem 4.6. The graph below also depicts the market for concert tickets in Chicago. Again, city government caps the price of a concert ticket at $30. Use the letters in the graph to enter consumer surplus (CS), producer surplus (PS), and total surplus (TS) without and with the $30 price ceiling (PC) in the table below. For instance, consumer surplus without the price ceiling is the area of A+B+C. Change is from no price ceiling to the $30 price ceiling. S (stricken) Measure No PC $30 PC Change 100 CS A+B+C PS TS Supply (a) The deadweight loss from the price ceiling is 86:68 88 $ . thousand per week. Demand 10 20 30 40 50 60 70 80 90 100 Q (the. tickets/wook) Tout afficher X Chapter 10 - Exerc..xIsx W= Chapter 10+11 Q....docx ENG 8:38 PM O W P X US 3/3/2021