Why are excise taxes usually levied on the seller of the good or service, rather than the buyer?
October 4, 2020
“Looking Closely at Cost and Competition”Watch this video, Revenue, Profits, and Price: Crash Course Economics #24 (https://youtu.be/UWImfFax8Ew) , to help you prepare for this week’s discussion.Rep
October 4, 2020
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You have collected the following data on output and total variable costs: Qb TVC ($) 1 69 2 118 3 152 4 . 177 5 . 198 6 . 218 7 . 243 8 . 279 9 . 330…

You have collected the following data on output and total variable costs:

Qb TVC ($)

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1 69

2 118

3 152

4 . 177

5 . 198

6 . 218

7 . 243

8 . 279

9 . 330

10 . 400

Current fixed costs for the company equal $230. Draw two graphs, both with Q on the horizontal axis: one graph shows TVC and TC, and the other shows AVC

AC, and  MC. Suppose that the government imposes a $65 property tax hike on all businesses; how will that affect your two graphs; i.e., which cost curves will be affected and how?

Select one:

a. The property tax will shift up TC by $65 and AC by $65/Q (i.e., $65 divided by Q)

b. TC and AC will both shift up by $65/Q (i.e., $65 divided by Q

c. MC will shift up by the amount of the tax (i.e., by $65).

d.  TC will shift up by $65 while AC and MC will shift down by $65/Q . (i.e., $65 divided by Q)

 

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