Question

In: Economics

Create your own diagram of any one of the four market interventions listed below. Tax Subsidy...

Create your own diagram of any one of the four market interventions listed below.

Tax
Subsidy
Price Ceiling
Price Floor

Here's what I want your graph to show:

Original market equilibrium
The size of the tax or subsidy OR the level of the controlled price (depending on which intervention you choose)
The final market quantity
The area of deadweight loss (lost gains from trade) that results from this market intervention (shade it in and label it)
All other appropriate labels (D, S, P, Q, etc.)
Your name and the date should appear in the photo of your graph, near your graph.

I want this graph to be done by hand, not on a computer. (If there is some reason this is not practical or physically possible for you, please let me know.) Upload your diagram here.

Expert Solution

we would like to take the concept of tax.

suppose that there is a product for which the consumer is ready to pay the highest price of $10 and producer wouldn't sell the product less than $2.now the equilibrium price is $5 therefore the quantity demanded is 50 units.

we can draw the graph and situation as below-

calculation of consumer surplus and producer surplus can be calculated as below-

now suppose if government imposes tax of $ per unit then the quantity demanded would decline from 50 units to 30 units.price would increase and therefore the following graph would represent the given situation.

calculation of consumer surplus,producer surplus,tax revenue,dead weight loss can be calculated as below-

Rahul Sunny answered 2 years ago

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