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Suppose the government of Hong Kong introduces a general sales tax. It follows that
The following table shows the supply of and demand for Good X.
| Unit price ($) | Quantity demanded (units) | Quantity supplied (units) |
|---|---|---|
| 2 | 20 | 4 |
| 4 | 16 | 8 |
| 6 | 12 | 12 |
| 8 | 8 | 16 |
| 10 | 4 | 20 |
If the government raises the price ceiling from $4 per unit to $8 per unit, the quantity transacted will
Suppose the government imposes a unit sales tax on a good. The producers' revenue after deduction of the sales tax will remain unchanged if
The above diagram shows the increase in supply of a good from S1 to S2 as a result of the provision of a per unit subsidy for the good by the government. Suppliers' new total revenue excluding the subsidy _______ their old total revenue before the provision of the subsidy.
Suppose a per unit sales tax is imposed on good X. The sellers would bear a relatively smaller proportion of the tax burden if the demand for the good is _______ and the supply is _______.
Hong Kong's recent economic recession has caused a decline in people's income. In view of this, the government decided to lower the effective minimum wage level of Filipino maids. As a result of these TWO changes,
Refer to the following demand and supply schedules of a good.
| Price per unit | $25 | $30 | $35 | $40 | $45 |
|---|---|---|---|---|---|
| Quantity demanded (units) | 120 | 100 | 80 | 75 | 60 |
| Quantity supplied (units) | 60 | 75 | 80 | 100 | 120 |
According to the above information, we can conclude that
Suppose the government imposes a unit subsidy on good Y causing a shift of its supply curve from S1 to S2.
The amount of subsidy benefit enjoyed by the sellers of good Y is
Suppose the US government decreases the quota for HK garments exported to the USA. This will lead to
Case I: The market price of Good X decreases by $4 per unit after the provision of a $10 per unit subsidy. Case II: The market price of Good X decreases by $6 per unit after the provision of a $10 per unit subsidy. We can conclude that in comparing the two cases, Good X in Case I has a ______ demand or a ______ supply.