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1、Chapter14-TaxationandIncomeDistribution1•a.Theworker^assertioniscorrectifthedemandforherservicesisperfectlyelastic.Thisassumptionisnotrealistic.Thedemandfortheseserviceswouldbeperfectlyelasticiftherewereperfectsubstitutesavailableandnodifferentiation,whichisunlikely.b・Thes
2、tatutoryincidenceofataxdoesnotdetermineitseconomicincidence.Levyingthetaxonpatronswouldnotmakeadifference.2.Asshowninthegraph,thesubsidyactstoincreasethedemandforprescriptiondrugs,sothepricerises.However,consumerspayP2一subsidy,sotheelderlybenefitbypayinglessforprescription
3、drugsandconsumingmore.SsP2:Pl11P2-subsidy:‘:；D+Subsidy「DQiQ2Part4-AFrameworkforTaxAnalysis3.Competitivecase_riceincreasesfromPcto(Pc+u).MonopolycasericepaidbyconsumersincreasesfromPmto(Pra+%ll)・Pricereceivedbymonopolistdecreasesto(Pm-u/2).4.Oneexpectsthatthosefactorsthatar
4、eusedintensivelyintobaccoproductionwillbeartheburdenofthetax.Assuming,forexample,thattobaccoproductioniscapital-intensive,oneexpectsownersofallcapital(notjustthosewithinvestmentsintobacco)tobearsomeoftheburden.5.a.Before-taxequilibrium:P=$10andQ=300,000After-taxequilibrium
5、:P=$10.60andQ=288,000Consumerspay$10.60andproducersreceive$9.60・b.Revenue=$288,000.Consumersbear60percentofthetaxburdenandproducersbear40percent.So,$172,800comesfromconsumersand$115,200fromproducers.c.Withamoreelasticdemandcurve,quantityconsumedwilldecreaseevenmoreasaresul
6、tofthetax,sotheliquortaxwillbemoreeffectiveatreducingconsumptionamongyoungdrinkers.6.Theequilibriumpricecanbecalculatedbysettingthequantitysuppliedequaltothequantitydemanded:(i)QD=a-bP(ii)QS二c+dPIfQd=Qs,thentheequilibriumpricecanbedeterminedasfollows:a-bP=c+dPa-c=(b+d)Pb+d
7、Theequilibriumoutputcanbedeterminedbysubstitutingtheequilibriumpriceintoeitherthesupplyordemandequation.Substitutingintothedemandequation:O=a-bPQ=a-h[-^)Substitutingintothesupplyequation:Q=c+dP(八ia_cQ=c+d(b+d丿Ifaunittaxofudollarsisimposedonthecommodity,thenitdoesiftmatter
8、whichpartyitisimposedupon(theconsumerorproducer);thenewequilibriumwillbethesameinpCT=-__Q
