chap_06supply,demandandgovernmentpolicies(曼昆-wenkub
2023-02-28 20:28:50 本頁面
【正文】 169。 2023 by Harcourt, Inc. All rights reserved Price without tax Tax ($) What was the impact of tax? ?Taxes discourage market activity. ?When a good is taxed, the quantity sold is smaller. ?Buyers and sellers share the tax burden. Quantity of IceCream Cones 0 Price of IceCream Cone 100 90 S1 S2 Demand, D1 Impact of a 50162。 2023 by Harcourt, Inc. Effects of a Price Floor ?A price floor prevents supply and demand from moving toward the equilibrium price and quantity. ?When the market price hits the floor, it can fall no further, and the market price equals the floor price. Effects of a Price Floor A binding price floor causes . . . ? a surplus because QS QD. ? nonprice rationing is an alternative mechanism for rationing the good, using discrimination criteria. ?Examples: The minimum wage, Agricultural price supports The Minimum Wage An important example of a price floor is the minimum wage. Minimum wage laws dictate the lowest price possible for labor that any employer may pay. The Minimum Wage Quantity of Labor 0 Wage Equilibrium wage Labor demand Labor supply A Free Labor Market Equilibrium employment Minimum wage The Minimum Wage Quantity of Labor 0 Wage Labor demand Labor supply Quantity supplied Quantity demanded Labor surplus (unemployment) A Labor Market with a Minimum Wage Taxes Governments levy taxes to raise revenue for public projects. What are some potential impacts of taxes? ?Taxes discourage market activity. ?When a good is taxed, the quantity sold is smaller. ?Buyers and sellers share the tax burden. Taxes ?Tax incidence is the study of who bears the burden of a tax. ?Taxes result in a change in market equilibrium. ?Buyers pay more and sellers receive less, regardless of whom the tax is levied on. Impact of a 50162。Supply, Demand and Government Policies Chapter 6 Supply, Demand, and Government Policies ?In a free, unregulated market system, market forces establish equilibrium prices and exchange quantities. ?While equilibrium conditions may be efficient, it may be true that not everyone is satisfied. ?One of the roles of economists is to use their theories to assist in the development of policies. Price Controls... ?Are usually enacted when policymakers believe the market price is unfair to buyers or sellers. ?Result in governmentcreated price ceilings and floors. Price Ceilings Price Floors Price Ceiling ?A legally established maximum price at which a good can be sold. Price Floor ?A legally established minimum price at which a good can be sold. Price Ceilings Two outes are possible when the government imposes a price ceiling: ? The price ceiling is not binding if set above the equilibrium price. ? The pr
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