Pennsylvania State University - ECON 102 QUIZ 12. The original score for this attempt: was 6 out of 10. After the review, the correct answers were indicated as seen in the attachment. All 100% Correct. | Documents and Forms | Research Papers

Pennsylvania State University - ECON 102 QUIZ 12. The original score for this attempt: was 6 out of 10. After the review, the correct answers were indicated as seen in the attachment. All 100% Correct...

Pennsylvania State University - ECON 102 QUIZ 12. The original score for this attempt: was 6 out of 10. After the review, the correct answers were indicated as seen in the attachment. All 100% Correct... PLDZ-70
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ECON 102 QUIZ 12: Score for this attempt: 6 out of 10 Question 1 1 / 1 pts Suppose the demand for a product is given by P = 100 – 2Q. Also, the supply is given by P = 20 + 6Q. If an $8 per-uni t excise tax is levied on the buyers of a good, then after the tax buyers will pay _________ for each unit of the good. Correct! $82 $80 $74 None of these $9 The demand curve will shift down by an amount exactly equal to the tax. This allows you to find the equation for the new demand curve. The buyers will pay a price equal to the new equilibrium price plus the tax. Question 2 0 / 1 pts Suppose the demand for a product is given by P = 40 – 4Q. Also, the supply is given by P = 10 + Q. If a $10 per-unit excise tax is levied on the buyers of a good, then after the tax sellers will receive _________ for each unit of the good. Correct Answer None of these $16 $4 You Answered $24 $6 The demand curve will shift down by an amount exactly equal to the tax. This allows you to find the equation for the new demand curve. The sellers will receive a price equal to the new equilibrium price. Question 3 0 / 1 pts Suppose the demand for a product is given by P = 30 – 3Q. Also, the supply is given by P = 10 + Q. If a $4 per-unit excise tax is levied on the buyers of a good, what proportion of the tax will be paid by the buyers? 40% You Answered 20% 0% 25% Correct Answer None of these The proportion of the tax paid by buyers depends on the relative price elasticities of supply and demand. Question 4 1 / 1 pts Suppose the demand for a product is given by P = 60 –2Q. Also, the supply is given by P = 10 + 3Q. If a $10 per-unit excise tax is levied on the buyers of a good, the deadweight loss created by this tax will be $64 $5 None of these Correct! $10 $20 The deadweight loss is the difference between total surplus without the tax and total surplus with the tax. Question 5 1 / 1 pts Suppose the demand for a product is given by P = 30 – 2Q. Also, the supply is given by P = 5 + 3Q. If a $5 per-unit excise tax is levied on the buyers of a good, after the tax, consumer surplus is equal to Correct! $16 None of these $24 $2.50 $25 Consumer surplus is the area under the demand curve and above the price that the consumer pays. Question 6 1 / 1 pts Suppose the demand for a product is given by P = 40 – 4Q. Also, the supply is given by P = 10 + Q. If a $10 per-unit excise tax is levied on the buyers of a good, producer surplus is equal to None of these $32 $10 $64 Correct! $8 Producer surplus is the area under the price that producers receive, and above the supply curve. Question 7 1 / 1 pts Suppose the demand for a product is given by P = 40 – 4Q. Also, the supply is given by P = 10 + Q. If a $10 per-unit excise tax is levied on the buyers of a good, government revenue is equal to $8 Correct! None of these $64 $32 $10 Government revenue equals the amount of the tax times the number of units sold after the tax. Question 8 0 / 1 pts Suppose the demand for a product is given by P = 60 –2Q. Also, the supply is given by P = 10 + 3Q. If a $10 per-unit excise tax is levied on the buyers of a good, after the tax, the total amount of tax paid by the consumers is $80 Correct Answer $32 You Answered $48 $10 None of these The total tax paid by the consumer is equal to (Pt + t –P*. times Qt. Question 9 1 / 1 pts Suppose the demand for a product is given by P = 50 –Q. Also, the supply is given by P = 10 + 3Q. If a $12 per-unit excise tax is levied on the buyers of a good, after the tax, the total amount of tax paid by the producers is Correct! $63 $84 None of these $18 $21 The total tax paid by the producer is equal to (P* - Pt. times Qt. Question 10 0 / 1 pts Suppose the demand for a product is given by P = 100 – 2Q. Also, the supply is given by P = 20 + 6Q. If an $8 per-unit excise tax is levied on the buyers of a good, after the tax, the total quantity of the good sold is Correct Answer 9 80 10 None of these You Answered 74 Qt can be found by the intersection of the new demand curve and the original supply curve

CLICK ON THE PRODUCT INFORMATION URL FOR MORE ON THE QUIZ ECON 102 QUIZ 12: Score for this attempt: 6 out of 10 Question 1 1 / 1 pts Suppose the demand for a product is given by P = 100 – 2Q. Also, the supply is given by P = 20 + 6Q. If an
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