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Assess the effects of
Price floor
(Hint: Government policies and intervention)
please provide detailed answer
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- Price (dollars per tire) S + tax 70 60 50 40 D 30 20 10 10 20 30 40 50 60 70 Quantity (millions of tires per month) The figure above shows the market for tires. The government has imposed a tax on of the tax. tires, and the buyers pay A) $50 B) $60 C) $20 D) $10The graph shows the market for backpacks. Price (dollars per backpack) 22- 20+ 18- 16- 14- 12+ 10- 8- မှာ 0 100 S D 200 300 400 500 600 700 800 Quantity (backpacks per day) If a sales tax of $4 a backpack is imposed, calculate the tax burden. The tax burden is $ Type a day.Why does the government ass excise taxes to certain products?
- Rent (Dollars per Month) 400 200 Excess Burden of a Subsidy: Market Effects C B 0 Q₁ F E Q2 A S = MSC E' S' D= MSB Number of Apartments Rented A. The cost of the subsidy exceeds the consumer benefit by area BECF B. The cost of the subsidy exceeds the consumer benefit by area EFE' C. The cost of the subsidy exceeds the consumer benefit by area EAFE' D. The cost of the subsidy exceeds the consumer benefit by area EAE'Price (dollars per tire) S + tax 70 60 50 40 D 30 20 10 10 20 30 40 50 60 70 Quantity (millions of tires per month) The figure above shows the market for tires. The government has imposed a tax on tires, and the sellers tax burden is A) $50 B) $10 C) $60 D) $20Pece $100 $50 10 Orth Refer to the figure above. The price of a physician visit is $100. Individual A can only afford 5 doctor's visits. The society determines that A is under consuming doctor's visits and wants A to increase the visits to 10. What is the least amount of money the society subsidize A? The society subsidizes A less than $50 per visit. The society must subsidize A $50 per visit. The society must subsidize A $100 per visit. The society must subsidize A $75 per visit.
- Explain why voluntary Martians improve social welfare.Please tapy answer discuss the five objectives of taxationThe following is a Table that contains the demand and supply schedules of chocolate ice-creams. Price (cents per ice-cream) $0.90 0.80 0.70 0.60 0.50 0.40 Quantity Demanded (millions per day) 1 asifWNH 2 3 4 5 6 Quantity Supplied (millions per day) 7 6 10 10 5 4 3 2 a) If there is no tax on ice-creams, what is their price and how many are produced and consumed? b) If a tax of $0.20 cents is imposed on every ice-cream consumed, what happens to the price of an ice-cream and the number produced and consumed? Illustrate the effects of this policy on the market for chocolate ice-creams. c) How much tax does the government collect and who pays it?
- The reason which determines the elasticity of tax burden on buyers and sellers.Price 0 E B D ₂ 52 S₁ 1 QuantityQUESTION 8 The demand for cigarettes has seen some decrease ever since vaping was introduced as a less harmful alternative to smoking cigarettes. Select the item from the list provided to make the following statements true. ✓ The main factor detailed in the scenario causing the decrease in demand for cigarettes is a/an - 1. upward movement along the demand curve change in price of a complement good increase in population 4. downward movement along the demand curve 2. Suppose the Australian government taxes the production of 3. cigarettes which led to an increase in prices of cigarettes and a decrease in quantity demanded for cigarettes in the market. Graphically this can be depicted as a/an of cigarettes. ✓ Now assume that prices of e-cigarettes (vape) decreased, and cigarette smokers switched to the cheaper e-cigarettes. This can best be explained by a 5. change in income of consumer 6. change in price of a substitute 7. change in expectation of future price 8. decrease in population…