Figure: Commodity Tax with Elastic DemandAccording to the figure, who bears the greater burden of a commodity tax?

Figure: Demand and SupplyAt the equilibrium quantity, total surplus is $:

Figure: Costs of Price Ceilings 2What is the dollar amount of the deadweight loss after the price ceiling of $4 has been implemented?

Figure: Tax on SellersSuppose the imposition of a per unit tax on sellers shifts the supply curve from S0 to S1. Using the figure, calculate the amount of the tax.

If the price of oil increases from $80 to $90 per barrel, the quantity supplied increases from 100 to 105 million barrels per day. What is the price elasticity of supply using the midpoint method?

A basic postulate of economics is that changes in incentives influence the:

Figure: Labor Market 3A minimum wage of $7 causes a deadweight loss of:

The economist Henry George argued that the best tax that a government can impose is a tax on land. Which of the following would be a sound argument for why?

Table: Supply and DemandPriceQuantity DemandedQuantity Supplied$102,0001,200$121,9001,300$141,8001,400$161,7001,500$181,6001,600$201,5001,700If the price in the free market were $10, then a:

The accompanying diagram represents the market for violins. Suppose that the price of wood increases sharply driving up the marginal cost of production of violins for a given level of quality. This causes the market supply curve to decrease from S2 to S1. Screenshot 2025-09-03 123113.png a. How much does this change consumer surplus? Round to the nearest integer (e.g., 10000) and indicate decreases with a negative sign.     Increase in consumer surplus: $ [BLANK-1] b. How much does this change producer surplus? Round to the nearest integer (e.g., 10000) and indicate decreases with a negative sign.      Increase in producer surplus: $ [BLANK-2] c. How much does this change total surplus? Round to the nearest integer (e.g., 10000) and indicate decreases with a negative sign.      Increase in total surplus: $ [BLANK-3]