Tax incidence and it’s effect on supply
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The document discusses tax incidence and how the burden of taxes shifts between sellers and consumers. It explains that when a tax is imposed on cigarettes, the initial burden falls on the seller but they can shift it to consumers by raising prices. Whether the tax burden ultimately falls more on sellers or consumers depends on the elasticity of supply and demand - the more inelastic side bears more of the tax burden. Specifically, if supply is elastic then sellers are sensitive to price changes and consumers will end up paying the tax through higher prices.
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Afghanistan has made economic progress since 2001 but remains poor and dependent on foreign aid. The government is working to improve revenue collection and reduce corruption to boost economic growth. Afghanistan pursues a liberal trade policy and is a member of organizations like WTO, ECO, and SAARC to integrate its economy regionally. Key trade partners include Pakistan, Uzbekistan, India, and China. Afghanistan aims to serve as a link between Central and South Asia by projects like the Silk Road Economic Belt and developing transportation infrastructure through groups like CAREC.
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This document discusses different theories of inflation including:
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2) Keynesian theory which attributes inflation to increases in aggregate demand beyond what aggregate supply can meet at full employment.
3) Structural theory which sees inflation as caused by inelasticities in an economy's production capacity, capital formation, institutions, agriculture sector, and labor markets.
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This document provides an overview of different theories of inflation including cost-push inflation, sectorial inflation, and structural inflation. Cost-push inflation occurs when increases in production costs lead to a fall in aggregate supply. Sectorial inflation refers to price rises occurring across different commercial sectors due to increases in raw material prices. Structural inflation arises due to an unstable and slower growth rate of exports, which is inadequate to support the required growth rate of the economy.
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Fiscal policy involves generating government revenue through taxation to fund public services and promote citizen welfare. Taxation gives the state the power to collect a share of individual and business income for public purposes like funding government operations. The primary purpose of taxation is to generate funds for government expenses to benefit citizens. Key principles of taxation include benefit received, ability to pay, and equal distribution of tax burden based on income or wealth. Taxes can be direct or indirect, general or special, national or local. Certain nonprofit entities are typically exempted from paying taxes.
Taxation
This document provides an overview of taxation including:
1) It defines taxation as the act of a taxing authority levying taxes and notes that taxation has existed in various forms throughout history, including in ancient India and other parts of the world.
2) It describes the modern definition of a tax as a financial charge imposed by a government and outlines the main types of direct and indirect taxes.
3) It provides examples of different taxes like income tax, corporate tax, customs duty, excise duty, sales tax, service tax, and VAT and summarizes how they work.
Mba i ob u 1.2 foundation of individual behavior
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Taxation of costs, now known as Detailed Assessment in English law following the Civil Procedure Act 1998, is a ministerial function performed by a court upon the resolution of case. It involves entering the various costs and their amounts against the party (either the Claimant or Defendant) against whom those costs have been awarded by the court. The itemisation of costs or the subsequent determination of the costs that should be allowed is not a determination of the outcome of the litigation.
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This document discusses how government policies like price controls, taxes, and minimum wages can impact markets. Price controls like ceilings and floors are used to limit the maximum or minimum price of goods, which can cause shortages or surpluses by distorting supply and demand. Taxes on goods reduce the equilibrium quantity sold as they create a price wedge between what buyers pay and sellers receive. The incidence of a tax, or who bears its burden, depends on the elasticities of supply and demand - the less elastic side ends up shouldering more of the tax burden.
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This document summarizes how government policies like price controls and taxes can affect market outcomes in microeconomics. It discusses how price ceilings create shortages by fixing prices below equilibrium, while price floors create surpluses by setting prices above equilibrium. Taxes on buyers or sellers shift demand or supply curves, lowering quantity sold. The tax burden is shared between buyers and sellers depending on elasticity, with the less elastic side bearing more of the cost.
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The incidence of a tax refers to who eventually pays a tax. An indirect tax on producers increases their costs and this will lead to an inward shift of the supply curve. Once the tax is imposed, suppliers may then chose to pass on the tax to consumers by raising their selling price. This depends on the coefficient of price elasticity of demand.
When demand is inelastic (i.e. Ped<1), then most of the tax can be passed on. This is because consumers are less sensitive to price changes, e.g. a 20% increase in price might only lead to a 5% contraction in demand. However, when demand is price elastic (i.e. Ped>1), then most of the incidence of a tax is absorbed by the producer. In this situation, only a small proportion of the tax will be paid by the consumer.
The incidence of an indirect tax also depends on the coefficient of price elasticity of supply.
When supply is perfectly elastic (i.e. Pes= infinity) this means that output can be supplied at constant cost. A tax on producers again causes an inward shift of the supply curve. But in this situation, all of the tax will be paid by the consumer, regardless of the coefficient of PED. When demand is elastic, the consumer pays all of the tax, but equilibrium quantity will contract by a large amount.
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This chapter discusses government policies that can alter private market outcomes, including price controls and taxes. Price ceilings set a legal maximum price, while price floors set a minimum. If binding, ceilings cause shortages and floors cause surpluses. Taxes place a wedge between buyer and seller prices and reduce equilibrium quantity, with incidence depending on supply and demand elasticities. The chapter uses supply and demand analysis to examine how these policies impact markets and resource allocation.
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This chapter discusses how government policies such as price controls, taxes, and minimum wages can impact markets. Price ceilings place a legal maximum price for a good, which can result in shortages if the ceiling is binding. Price floors set a legal minimum price, potentially leading to surpluses. Taxes decrease the quantity of goods sold by creating a wedge between buyer and seller prices; the tax burden depends on supply and demand elasticities. The minimum wage is an example of a price floor that can cause unemployment in the labor market.
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This chapter discusses how government policies like price controls and taxes can affect market outcomes. Price ceilings, which set a maximum legal price, typically cause shortages if set below the market price. Price floors, which set a minimum price, typically cause surpluses if set above the market price. Taxes place a wedge between what buyers pay and sellers receive, reducing the quantity traded regardless of whether the tax is on buyers or sellers. The incidence of the tax burden on buyers versus sellers depends on the elasticities of supply and demand.
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This document discusses how government policies like price controls, taxes, and minimum wages can impact markets. It explains that price ceilings, floors, and taxes can create shortages or surpluses by distorting supply and demand. The incidence of taxes depends on price elasticities, with the burden falling more on the less elastic side of the market. Examples like rent control, gasoline price caps, minimum wages, and payroll taxes are used to illustrate these concepts.
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Economics is the study of how individuals and societies allocate scarce resources. It seeks to explain human behavior and choices under conditions of scarcity and uncertainty. The fundamental problem of economics is scarcity - human wants are unlimited but resources are limited. This forces individuals and societies to make choices. Microeconomics examines choices of individual agents like consumers, firms and workers, while macroeconomics looks at aggregate outcomes for an overall economy like growth, employment and inflation. Equilibrium in a market occurs where quantity supplied equals quantity demanded at a single price, while surpluses and shortages occur when these are not equal. Government policies like price controls and taxes can alter market equilibrium by shifting supply and demand curves.
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This document provides an overview of tax incidence and how the burden of taxes is distributed between consumers and producers. It discusses how in competitive markets, the incidence of a tax does not depend on who pays it formally, but rather is determined by supply and demand elasticities. Taxes may be partially or fully passed on to consumers through higher prices or producers through lower wages/returns. The incidence is also examined in non-competitive environments like monopoly and oligopoly. Government subsidies are analyzed similarly in terms of short-run and long-run market impacts.
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The document discusses supply, demand, and government interventions in markets. It explains how supply and demand interact in a market to determine an equilibrium price and quantity. When the government changes policies like planning laws, it can shift the supply curve and lower prices, as building more homes would do for house prices. The government can also directly manipulate prices by setting maximum or minimum levels.
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.Recently uploaded (20)
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Tax incidence and it’s effect on supply
- 1. TAX INCIDENCE AND IT’S EFFECT ON SUPPLY BY: CHHAVI DUDEJA
- 2. In other words – who bears the burden of taxes?
- 3. Suppose government imposes tax on manufacturing of cigarettes. The burden of tax falls on the seller (impact of tax), but he shifts the burden through price variation (change in price) and the incidence (final burden) falls on the consumer. Hence shifting is a legal process which happens due to price variation. L M
- 4. BURDEN DEPENDS ON RELATIVE ELASTICITY Shifting of tax depends upon elasticity of demand and supply. The more inelastic one’s relative supply and demand, the larger the tax burden one will bear.
- 5. WHO PAYS THE TAX? L N M O Q
- 6. When sellers are price sensitive “supply is elastic” it is the buyers who pay the tax. Tax Incidence on Buyers Tax Incidence on Sellers