How much tax revenue will excise tax yield government, Microeconomics

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How much tax revenue will excise tax yield government

Suppose the equation for the demand curve for some product X is P = 8 - .6Q and the supply curve is P = 2 + .4Q. What are the equilibrium price and quantity? Now suppose an excise tax is imposed on X such that the new supply equation is P = 4 + .4Q. How much tax revenue will this excise tax yield the government? Graph the curves, and label the area of the graph that represents the tax collection "TC" and the area that represents the efficiency loss of the tax "EL." Briefly explain why area EL is the efficiency loss of the tax but TC is not.

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Microeconomics: How much tax revenue will excise tax yield government

Reference No:- TGS0521617

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Recent Questions Asked Microeconomics

Q : Explain based on the first and second laws

Q : Why there be temptation to cheat on collusive agreement

Q : Why would women be more vulnerable to living in poverty

Q : Research and discuss two provisions of the energy policy

Q : How much tax revenue will excise tax yield government

Q : Which agency must approve the wap

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Q : Compare and contrast the training requirements

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: How much tax revenue will excise tax yield government

Reference No:- TGS0521617

Recent Questions Asked Microeconomics

Q : Explain based on the first and second laws

Q : Why there be temptation to cheat on collusive agreement

Q : Why would women be more vulnerable to living in poverty

Q : Research and discuss two provisions of the energy policy

Q : How much tax revenue will excise tax yield government

Q : Which agency must approve the wap

Q : Changing the emergency management field

Q : Compare and contrast the training requirements

Q : Main differences between microeconomics and macroeconomics

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