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Practice Questions 3

Practice Questions 3

Q 1.In the market for beer, the government imposes a unit tax. What is the size of the unit tax, and how much tax revenue does the government collect? 2.An identical dollar tax is imposed on two goods, Good X and Good Y. Comparing the two markets, what's true? 3.When demand becomes more elastic, 4.When demand is inelastic: 5. Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a 15 percent decrease in thenumber of haircuts purchased. What is the elasticity of demand facing Billy Bob's Barber Shop?

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1.c. $7 , $350,000 2.c. If the goal of the government is to raise revenue with minimum impact to quantity consumed, the tax should be imposed on Good X 3.d. the demand curve becomes flatter 4.c. consumers are not very responsive to changes in price.