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Question: Suppose that gasoline is not taxed in the country of Autopia, and the price of gasoline is $3.00 a gallon. In order to alleviate problems with air pollution and traffic, the government of Autopia decides to institute a $0.50 a gallon tax on gasoline. After the tax, the price of gasoline rises to $3.45 a gallon.
a. Assuming no other significant changes in the gasoline market, what can we conclude about the elasticity of demand for gasoline in Autopia?
b. Draw a supply-and-demand graph illustrating the effects of the gasoline tax. Assume that the supply of gasoline is not particularly elastic or inelastic.
c. Who has borne most of the burden of this tax, consumers or producers?
d. Do you think that the tax will be effective in reducing Autopia's problems with air pollution and traffic? Why or why not? Support your answer with reference to your graph.
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n three days' Carter drove 2196 miles in 36 hours gehind the wheel. The first day he averages 64 mph, the second day 62 mph and the third day 58 mph. If he drove 4 more hours on the thrid day than on the first day, then how many hours did he drive..
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