logo
Ask Question

Asked by sujana dontukurthy on May 27, 2024

verifed

Verified

On the planet Economus, there are only two goods in the economy. One of the goods is econoapples. The supply of econoapples is: On the planet Economus, there are only two goods in the economy. One of the goods is econoapples. The supply of econoapples is: The second type of good is the econoseed. The supply of econoseeds is: The demand for econoapples is: The demand for econoseeds is: Determine the equilibrium price and quantity of each good in the Economus economy. Suppose the world government of Economus implements a $1 tax on econoapples. Do econoapple consumers suffer any burden of the tax? Are econoseed consumers affected by the econoapple tax? How much tax revenue does the tax policy generate? The second type of good is the econoseed. The supply of econoseeds is: On the planet Economus, there are only two goods in the economy. One of the goods is econoapples. The supply of econoapples is: The second type of good is the econoseed. The supply of econoseeds is: The demand for econoapples is: The demand for econoseeds is: Determine the equilibrium price and quantity of each good in the Economus economy. Suppose the world government of Economus implements a $1 tax on econoapples. Do econoapple consumers suffer any burden of the tax? Are econoseed consumers affected by the econoapple tax? How much tax revenue does the tax policy generate? The demand for econoapples is: On the planet Economus, there are only two goods in the economy. One of the goods is econoapples. The supply of econoapples is: The second type of good is the econoseed. The supply of econoseeds is: The demand for econoapples is: The demand for econoseeds is: Determine the equilibrium price and quantity of each good in the Economus economy. Suppose the world government of Economus implements a $1 tax on econoapples. Do econoapple consumers suffer any burden of the tax? Are econoseed consumers affected by the econoapple tax? How much tax revenue does the tax policy generate? The demand for econoseeds is: On the planet Economus, there are only two goods in the economy. One of the goods is econoapples. The supply of econoapples is: The second type of good is the econoseed. The supply of econoseeds is: The demand for econoapples is: The demand for econoseeds is: Determine the equilibrium price and quantity of each good in the Economus economy. Suppose the world government of Economus implements a $1 tax on econoapples. Do econoapple consumers suffer any burden of the tax? Are econoseed consumers affected by the econoapple tax? How much tax revenue does the tax policy generate? Determine the equilibrium price and quantity of each good in the Economus economy. Suppose the world government of Economus implements a $1 tax on econoapples. Do econoapple consumers suffer any burden of the tax? Are econoseed consumers affected by the econoapple tax? How much tax revenue does the tax policy generate?

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance without excess supply or demand.

Tax Policy

The set of laws and regulations governing how taxes are collected, managed, and utilized by a government.

Tax Revenue

The income that is gained by governments through taxation, which is used to fund public services, infrastructure, and government operations.

  • Decode the equilibrium figures for prices and quantities in competitive market settings.
  • Explore the repercussions of government actions, like levying taxes and imposing trade restrictions, on the balance within economies.
verifed

Verified Answer

SA
shama ahmadMay 30, 2024
Final Answer :
Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoseed market dictates that: We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: This, in turn, implies the price of econoseeds is 12. If the world government of Economus implements a $1 tax on econoapples, the new market equilibrium conditions change as follows. Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoseed market dictates that: We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: This, in turn, implies the price of econoseeds is $12. The consumers of econoapples must pay the price of $19 plus the $1 tax. Thus, consumers pay 50% of the $1 tax on econoapples. Note also that econoseed consumers are not affected by the tax on econoapples as the market price of econoseeds has not changed. The econoapples tax generates $43 in tax revenue. Equilibrium in the Econoseed market dictates that: Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoseed market dictates that: We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: This, in turn, implies the price of econoseeds is 12. If the world government of Economus implements a $1 tax on econoapples, the new market equilibrium conditions change as follows. Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoseed market dictates that: We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: This, in turn, implies the price of econoseeds is $12. The consumers of econoapples must pay the price of $19 plus the $1 tax. Thus, consumers pay 50% of the $1 tax on econoapples. Note also that econoseed consumers are not affected by the tax on econoapples as the market price of econoseeds has not changed. The econoapples tax generates $43 in tax revenue. We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoseed market dictates that: We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: This, in turn, implies the price of econoseeds is 12. If the world government of Economus implements a $1 tax on econoapples, the new market equilibrium conditions change as follows. Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoseed market dictates that: We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: This, in turn, implies the price of econoseeds is $12. The consumers of econoapples must pay the price of $19 plus the $1 tax. Thus, consumers pay 50% of the $1 tax on econoapples. Note also that econoseed consumers are not affected by the tax on econoapples as the market price of econoseeds has not changed. The econoapples tax generates $43 in tax revenue. This, in turn, implies the price of econoseeds is 12. If the world government of Economus implements a $1 tax on econoapples, the new market equilibrium conditions change as follows. Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoseed market dictates that: We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: This, in turn, implies the price of econoseeds is 12. If the world government of Economus implements a $1 tax on econoapples, the new market equilibrium conditions change as follows. Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoseed market dictates that: We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: This, in turn, implies the price of econoseeds is $12. The consumers of econoapples must pay the price of $19 plus the $1 tax. Thus, consumers pay 50% of the $1 tax on econoapples. Note also that econoseed consumers are not affected by the tax on econoapples as the market price of econoseeds has not changed. The econoapples tax generates $43 in tax revenue. Equilibrium in the Econoseed market dictates that: Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoseed market dictates that: We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: This, in turn, implies the price of econoseeds is 12. If the world government of Economus implements a $1 tax on econoapples, the new market equilibrium conditions change as follows. Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoseed market dictates that: We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: This, in turn, implies the price of econoseeds is $12. The consumers of econoapples must pay the price of $19 plus the $1 tax. Thus, consumers pay 50% of the $1 tax on econoapples. Note also that econoseed consumers are not affected by the tax on econoapples as the market price of econoseeds has not changed. The econoapples tax generates $43 in tax revenue. We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoseed market dictates that: We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: This, in turn, implies the price of econoseeds is 12. If the world government of Economus implements a $1 tax on econoapples, the new market equilibrium conditions change as follows. Equilibrium in the Econoapple market mandates that: Equilibrium in the Econoseed market dictates that: We can set this equation for the price of econoseeds equal to the equation for the price of econoseeds derived from the econoapples market. This yields: This, in turn, implies the price of econoseeds is $12. The consumers of econoapples must pay the price of $19 plus the $1 tax. Thus, consumers pay 50% of the $1 tax on econoapples. Note also that econoseed consumers are not affected by the tax on econoapples as the market price of econoseeds has not changed. The econoapples tax generates $43 in tax revenue. This, in turn, implies the price of econoseeds is $12. The consumers of econoapples must pay the price of $19 plus the $1 tax. Thus, consumers pay 50% of the $1 tax on econoapples. Note also that econoseed consumers are not affected by the tax on econoapples as the market price of econoseeds has not changed. The econoapples tax generates $43 in tax revenue.

Related questions

The Demand Function for Fresh Strawberries Is Q  ...

The Demand for Pickles Is Given by P  ...

(Table: Pumpkin Market)There Are Two Consumers,Andy and Ben,in the Market ...

(Table: Pumpkin Market)There Are Two Consumers,Andy and Ben,in the Market ...

(Table: Pumpkin Market)There Are Two Consumers,Andy and Ben,in the Market ...