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Instructions: Round your answers to two decimal places for part a. For the remaining parts, round your answer to the nearest whole number.
a. Suppose an excise tax of $1.50 per gallon is levied on gasoline suppliers. Draw the after-tax supply curve.
Instructions: Use the tool provided 'Stax=$1.50' to draw the after-tax supply curve when the tax is $1.50. Plot the endpoints
at Q = 0 and Q = 10.
Consumers will pay $____ .
Producers will receive $____ .
b. The government will collect $____ million in tax revenue as a result of the tax.
c. Suppose the tax is raised to $3 per gallon. Draw the new after-tax supply curve.
Instructions: Use the tool provided 'Stax=$3.00' to draw the after-tax supply curve when the tax is $3.00. Plot the endpoints
at Q = 0 and Q = 10.
The government will collect an additional $____ million as a result of the tax increase from $1.50 to $3.00.
d. Suppose the tax is raised again to $4.50 per gallon. Draw the new after-tax supply curve.
Instructions: Use the tool provided 'Stax=$4.50' to draw the after-tax supply curve when the tax is $4.50. Plot the endpoints
at Q = 0 and Q = 10.
Tax revenue would _____.
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