9.20 Chapter 8 - Click to edit Master subtitle style Econ...

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Unformatted text preview: Click to edit Master subtitle style Econ 101 Introduction to Microeconomics Professor Richard V. Burkhauser 8 Application: The Costs of Taxation Econ 101 Professor Burkhauser Econ 101 Professor Burkhauser Key Concepts deadweight loss, p. 163 Econ 101 Professor Burkhauser Figure 8.1 The Effects of a Tax Size of tax Quanti ty Pri ce Price buyers p a y Price sellers recei ve Dema nd Sup ply Pri ce without tax Quant ity without tax Quant ity with tax Econ 101 Professor Burkhauser Econ 101 Professor Burkhauser Tax Revenue T = the size of the tax Q = the quantity of the good sold T times Q = the governments tax revenue How a Tax Affects Market Participants Econ 101 Professor Burkhauser Figure 8.2 Tax Revenue T a x reven ue ( T Q) Size of tax ( T ) Quant ity sold ( Q ) Quanti ty Pri ce Dema nd Sup ply Quant ity without tax Quant ity with tax Price buyers p a y Price sellers recei ve Econ 101 Professor Burkhauser Figure 8.3 How a Tax Effects WelfareFigure 8....
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9.20 Chapter 8 - Click to edit Master subtitle style Econ...

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