Price per bin 120 110 100 90 80 70 60 50 40 30 20 10 $800 $900 V $450 O $1250 1 1 + 1 D S+t S in The figure represents the market for apples. Assume there are no externalities. Suppose a sales tax of $40 per bin of apples is levied on consumers of apples. The after-tax supply curve is labeled S+t. What is the dollar amount of the REVENUE collected by this tax? To review this concept, see the section Taxes and Efficiency. 10 20 30 40 50 60 70 80 90 100 Bins of apples

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter10: Externalities
Section: Chapter Questions
Problem 3CQQ
icon
Related questions
Question
Price per bin
120
110
100
90
80
70
60
50
40
30
20
10
$800
$900
$450
1
$1250
1
I
1
+
V
D
The figure represents the market for apples. Assume there are no externalities. Suppose a sales tax of
$40 per bin of apples is levied on consumers of apples. The after-tax supply curve is labeled S+t. What
is the dollar amount of the REVENUE collected by this tax?
To review this concept, see the section Taxes and Efficiency.
S+t
S
10 20 30 40 50 60 70 80 90 100
Bins of apples
Transcribed Image Text:Price per bin 120 110 100 90 80 70 60 50 40 30 20 10 $800 $900 $450 1 $1250 1 I 1 + V D The figure represents the market for apples. Assume there are no externalities. Suppose a sales tax of $40 per bin of apples is levied on consumers of apples. The after-tax supply curve is labeled S+t. What is the dollar amount of the REVENUE collected by this tax? To review this concept, see the section Taxes and Efficiency. S+t S 10 20 30 40 50 60 70 80 90 100 Bins of apples
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 5 images

Blurred answer
Knowledge Booster
Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Microeconomics
Microeconomics
Economics
ISBN:
9781337617406
Author:
Roger A. Arnold
Publisher:
Cengage Learning
ECON MICRO
ECON MICRO
Economics
ISBN:
9781337000536
Author:
William A. McEachern
Publisher:
Cengage Learning