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Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer purchased. (In fact, both the federal and state governments impose beer taxes of some sort.)
a. Draw a supply-and-demand diagram of the market for beer without the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers?
b. Now draw a supply-and-demand diagram for the beer market with the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers? Has the quantity of beer sold increased or decreased?
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firm's marginal cost curve crosses marginal revenue curve at an output level of 1,000 units. Illustrate what is firm's current profit. Illustrate what is likely to occur in this market and why.
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it can sell its output for $25 each. Illustrate what is break-Explain how your work both graphically and algebraically.
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