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PROBLEM 1 A profit maximizing firm has a production function given by Y = K2/3L1/4, so that the firm's MPL = K2/3 and MPK = 2L1/4. 4L3/4 3K1/3 This...
PROBLEM 7This question is asking you to analyze the welfare effects of a tax on producers. Assume that theoriginal equilibrium was the perfectly competitive equilibrium and that the tax was imposed on producersafterward.a) Use a graph to illustrate the equilibrium price, equilibrium quantity, consumer surplus and producersurplus for the perfectly competitive market for commodity x (without the tax on producers).b) Using another graph, transcribe the relevant parts of your answer from part a) and include the taxinformation on this new graph.c) Compare your answers in part a) and part b) above by producing a summary table that includes the“no tax” scenario and the tax scenario as they relate to consumer surplus, producer surplus, andgovernment revenues. Be sure to indicate the changes in these measures and clearly state the overallsocial welfare gains or dead-weight losses in your table.THIS QUESTIONS FOR MY FINAL EXAM SAMPLE!, TOMORROW IS MY EXAM, BUT i CAN ADD 3 QUESTION PER DAY! SO, IF YOU CAN PLEASE CHECK PROBLEM 3, 4 AN GIVE ME ANSWER FOR THOSE ALSO!.THANK YOU SO MUCH!
