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Now suppose that the price falls from P 1 to P 2 , as shown in panel (b). The increase in consumer surplus attribut- able to the lower price is the area BCFD.. First, those buy- ers who were already buying Q 1 of the good at the higher price P 1 are better off be- cause they now pay...
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sellers sometimes affect people who are not participants in the market at all. Pol- lution is the classic example of a market outcome that affects people not in the market. Market power and externalities are examples of a general phenomenon called market failure—the inability of some unregulated markets to allocate resources effi- ciently. Despite the possibility of market failure, the...
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Let’s consider first how the elasticity of supply affects the size of the dead- weight loss. In the top two panels of Figure 8-5, the demand curve and the size of the tax are the same. The only difference in these figures is the elasticity of the sup- ply curve. Size of tax Size of tax. of tax Size of...
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Identify the following areas both before and after the imposition of the tax: total spending by consumers, total revenue for producers, and government tax revenue.. Illustrate the effect of this tax increase on the quantity of cars sold in New Jersey, the price paid by consumers, and the price received by producers.. Suppose that the government subsidizes a good: For...
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The tariff matters only if Isoland becomes a steel importer. Concentrating their attention on this case, the economists com- pare welfare with and without the tariff.. Under free trade, the domes- tic price equals the world price. A tariff raises the price of imported steel above the world price by the amount of the tariff. Domestic suppliers of steel, who...
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Tariffs and Trade (GATT), which is a continuing series of negotiations among many of the world’s countries with the goal of promoting free trade. The United States helped to found GATT after World War II in response to the high tariffs imposed during the Great Depression of the 1930s. Many economists believe that the high tariffs contributed to the economic...
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production, the value of the aluminum to consumers (as measured by the height of the demand curve) exceeds the social cost of producing it (as measured by the height of the social-cost curve). The planner does not produce more than this level because the social cost of producing additional aluminum exceeds the value to consumers.. Note that the equilibrium quantity...
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achieve any point on the demand curve either by setting a price with a Pigovian tax or by setting a quantity with pollution permits.. But, because the EPA does not know the demand curve for pollution, it is not sure what size tax would achieve that goal. The auction price would yield the ap- propriate size of the Pigovian tax.....
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Because knowledge is a public good, profit- seeking firms tend to free ride on the knowledge created by others and, as a result, devote too few resources to the creation of knowledge.. The inventor thus obtains much of the benefit of his invention, although certainly not all of it. The government tries to provide the public good of general knowledge...
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Yet hunting the buffalo was so popular during the nineteenth century that by 1900 the animal’s population fell to about 400 before the government stepped in to protect the species. In some African countries to- day, the elephant faces a similar challenge, as poachers kill the animals for the ivory in their tusks.. The cow, for ex- ample, is a...
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storekeeper an extra amount that the storekeeper remits to the government. (Some states exclude certain items that are considered necessities, such as food and cloth- ing.) Property taxes are levied as a percentage of the estimated value of land and structures, and are paid by property owners. Together these two taxes make up more than a third of all receipts...
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Tax incidence—the study of who bears the burden of taxes—is central to evaluat- ing tax equity. As we first saw in Chapter 6, the person who bears the burden of a tax is not always the person who gets the tax bill from the government. As a result, they affect people beyond those who, according to statute, actually pay the...
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Similarly, when Helen hires workers to make the cookies, the wages she pays are part of the firm’s costs.. An important implicit cost of almost every business is the opportunity cost of the fi- nancial capital that has been invested in the business. $15,000 is one of the implicit opportunity costs of Helen’s business.. In this section we examine the...
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In the range of output from 0 to 4 bagels per hour, the firm experiences increasing marginal prod- uct, and the marginal-cost curve falls. After 5 bagels per hour, the firm starts to ex- perience diminishing marginal product, and the marginal-cost curve starts to rise.. This combination of increasing then diminishing marginal product also makes the average-variable-cost curve U-shaped.. Marginal...
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a m a r k e t If your local gas station raised the price it charges for gasoline by 20 percent, it. By contrast, if your lo- cal water company raised the price of water by 20 percent, it would see only a small decrease in the amount of water it sold. As you might expect, this difference in...
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That is, a firm chooses to exit if the price of the good is less than the average total cost of production.. The firm will enter the market if such an action would be profitable, which occurs if the price of the good exceeds the average total cost of production. The criterion for entry is exactly the opposite of the...
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Thus, for these two reasons, the long-run supply curve in a market may be up- ward sloping rather than horizontal, indicating that a higher price is necessary to induce a larger quantity supplied. Because firms can enter and exit more easily in the long run than in the short run, the long-run supply curve is typically more elastic than the...
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If the mo- nopolist raises the price of its good, consumers buy less of it. Looked at another way, if the monopolist reduces the quantity of output it sells, the price of its output increases.. 2 gallons, it must lower the price to $9 in order to sell both gallons. And if it produces 3 gallons, it must lower the...
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The lawyers and economists in the Department of Justice might well decide that a merger between these two large soft drink companies would make the U.S. soft drink market substantially less competitive and, as a result, would reduce the economic well-being of the country as a whole. The government derives this power over private industry from the antitrust laws, a...
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Thus, it would not be surprising if legislative action leads soon to a deterioration of the cable com- panies’ monopoly power. Moreover, the universities have more or less successfully applied a high moral tone to the process: Rich appli- cants—especially smart rich applicants—. In any event, the universities’ envi- able cartel position has been damaged by the unenlightened Justice Depart-...