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1、8PRINCIPLESOFFOURTHEDITIONApplication:TheCostsofTaxationCHAPTER8APPLICATION:THECOSTSOFTAXATIONInthischapter,lookfortheanswerstothesequestions:Howdoesataxaffectconsumersurplus,producersurplus,andtotalsurplus?Whatisthedeadweightlossofatax?Whatfactorsde
2、terminethesizeofthisdeadweightloss?Howdoestaxrevenuedependonthesizeofthetax?CHAPTER8APPLICATION:THECOSTSOFTAXATIONReviewfromChapter6:Ataxisawedgebetweenthepricebuyerspayandthepricesellersreceive.Ataxraisesthepricebuyerspayandlowersthepricesellersrece
3、ive.Ataxreducesthequantitybought&sold.Theseeffectsarethesamewhetherthetaxisimposedonbuyersorsellers,sowedonotmakethisdistinctioninthischapter.CHAPTER8APPLICATION:THECOSTSOFTAXATIONQTTheEffectsofaTaxPQDSEq’mwithnotax: price=PEquantity=QEPSPBPEQEEq’mwi
4、th tax=$Tperunit:SellersreceivePSQuantity=QTBuyerspayPBSizeoftax=$TCHAPTER8APPLICATION:THECOSTSOFTAXATIONTheEffectsofaTaxPQDSRevenuefromtax:$TxQTPSPBPEQEQTSizeoftax=$TCHAPTER8APPLICATION:THECOSTSOFTAXATIONTheEffectsofaTaxNext,weapplywelfareeconomicst
5、omeasurethegainsandlossesfromatax.Wedetermineconsumersurplus(CS), producersurplus(PS),taxrevenue, andtotalsurpluswithandwithoutthetax.Taxrevenuecanfundbeneficialservices (e.g.education,roads,police) soweincludeitintotalsurplus.CHAPTER8APPLICATION:THE
6、COSTSOFTAXATIONTheEffectsofaTaxPQDSWithoutatax,PEQEQTABCDEFCS=A+B+CPS=D+E+FTaxrevenue=0Totalsurplus =CS+PS=A+B+C +D+E+FCHAPTER8APPLICATION:THECOSTSOFTAXATIONTheEffectsofaTaxPQDSPSPBQEQTABCDEFCS=APS=FTaxrevenue =B+DTotalsurplus =A+B +D+FWiththetax,The
7、taxreducestotalsurplusby C+ECHAPTER8APPLICATION:THECOSTSOFTAXATIONTheEffectsofaTaxPQDSPSPBQEQTABCDEFC+Eiscalledthedeadweightloss(DWL)ofthetax,thefallintotalsurplusthat resultsfromamarketdistortion,suchasatax.CHAPTER8APPLICATION:THECOSTSOFTAXATIONAbou
8、ttheDeadweightLossPQDSPSPBQEQTBecauseofthetax,theunitsbetweenQTandQEarenotsold.Thevalueoftheseunitstobuyersisgreaterthanthecostofproducingthem,sothetaxpreventssomemutuallybeneficialtrades.ACTIVELEARNING1:Analysisoftax10A.Compute CS,PS,andtotalsurplus
