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Author Question: The figure above illustrates the market for antifreeze. Suppose the government decides to impose an ... (Read 53 times)

JGIBBSON

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The figure above illustrates the market for antifreeze. Suppose the government decides to impose an $8 sales tax on every gallon of antifreeze sold.
a.   In the figure, illustrate the effect the tax has on the market for antifreeze.
b.   What is the equilibrium price of a gallon of antifreeze before the tax? What is the price paid by buyers after the tax?
c.   What is the equilibrium quantity of antifreeze before the tax? What is the equilibrium quantity after the tax?
d.   What is the revenue collected by the government from this tax?
e.   Do buyers or sellers bear the largest burden of the tax?
f.   Illustrate the deadweight loss created by the tax.


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Marked as best answer by JGIBBSON on May 24, 2019

bpool94

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JGIBBSON

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Reply 2 on: May 24, 2019
Excellent


parker125

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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