曼昆《经济学原理》题目及课后答案答案ch08docx.docx
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曼昆《经济学原理》题目及课后答案答案ch08docx.docx
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曼昆《经济学原理》题目及课后答案答案ch08docx
rheCostsofTaxation
APPLICATION:
THECOSTSOF
TAXATION
WHAT'SNEW・NTHETHIRDEDEON:
Therehavebeennosubstantialchangestothischapter.
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
>howtaxesreduceconsumerandproducersurplus.
>themeaningandcausesofthedeadweightlossfromatax.
>whysometaxeshavelargerdeadweightlossesthanothers.
>howtaxrevenueanddeadweightlossvarywiththesizeofatax.
CONTEXTANDPURPOSE:
Chapter8isthesecondchapterinathree-chaptersequencedealingwithwelfareeconomics.Intheprevioussectiononsupplyanddemand,Chapter6introducedtaxesanddemonstratedhowataxaffectsthepriceandquantitysoldinamarket.Chapter6alsodescribedthefactorsthatdeterminehowtheburdenofthetaxisdividedbetweenthebuyersandsellersinamarket.Chapter7developedwelfareeconomics—thestudyofhowtheallocationofresourcesaffectseconomicwell-being.Chapter8combinesthelessonslearnedinChapters6and7andaddressestheeffectsoftaxationonwelfare.Chapter9willaddresstheeffectsoftraderestrictionsonwelfare.
ThepurposeofChapter8istoapplythelessonslearnedaboutwelfareeconomicsinChapter7totheissueoftaxationthatwasaddressedinChapter6.Studentswilllearnthatthecostofataxtobuyersandsellersinamarketexceedstherevenuecollectedbythegovernment.Studentswillalsolearnaboutthefactorsthatdeterminethedegreebywhichthecostofataxexceedstherevenuecollectedbythegovernment.
KEYPOINTS:
1.Ataxonagoodreducesthewelfareofbuyersandsellersofthegood,andthereductioninconsumerandproducersurplususuallyexceedstherevenueraisedbythegovernment.Thefallintotalsurplus—thesumofconsumersurplus,producersurplus,andtaxrevenue—iscalledthedeadweightlossofthetax.
2.Taxeshavedeadweightlossesbecausetheycausebuyerstoconsumelessandsellerstoproduceless,andthischangeinbehaviorshrinksthesizeofthemarketbelowthelevelthatmaximizestotalsurplus.Becausetheelasticitiesofsupplyanddemandmeasurehowmuchmarketparticipantsrespondtomarketconditions,largerelasticitiesimplylargerdeadweightlosses.
3.Asataxgrowslarger,itdistortsincentivesmore,anditsdeadweightlossgrowslarger.Taxrevenuefirstriseswiththesizeofatax.Eventually,however,alargertaxreducestaxrevenuebecauseitreducesthesizeofthemarket.
CHAPTEROUTLINE:
TheDeadweightLossofTaxation
A.Rememberthatitdoesnotmatterwhoataxisleviedon;buyersandsellerswilllikelyshareintheburdenofthetax.
B.Ifthereisataxonaproduct,thepricethatabuyerpayswillbegreaterthanthepricethesellerreceives.Thus,thereisataxwedgebetweenthetwopricesandthequantitysoldwillbesmalleriftherewasnotax.
Figure1
Figure2
Price
Pricebuyerspay
Pricewithouttax
Pricesellersreceive
1.Wecanmeasuretheeffectsofataxonconsumersbyexaminingthechangeinconsumersurplus.Similarly,wecanmeasuretheeffectsofthetaxonproducersbylookingatthechangeinproducersurplus.
2.However,thereisathirdpartythatisaffectedbythetax—thegovernment,whichgetstotaltaxrevenueofTxQ.Ifthetaxrevenueisusedtoprovidegoodsandservicestothepublic,thenthebenefitfromthetaxrevenuemustnotbeignored.
IfyouspentenoughtimecoveringconsumerandproducersurplusinChapter7,studentsshouldhaveaneasytimewiththis.
Figure3
3.WelfareBeforeaTax
a.Consumersurplusisequalto:
A+B+C.
b.Producersurplusisequalto:
D+E+F.
c.Totalsurplusisequalto:
A+B+C+D+E+F.
4.WelfarewithTax
a.Consumersurplusisequalto:
A.
b.Producersurplusisequalto:
F.
c.Taxrevenueisequalto:
B+D.
d.Totalsurplusisequalto:
A+B+D+F.
5.ChangesinWelfare
a.Consumersurpluschangesby:
-(B+C)
b.Producersurpluschangesby:
-(D+E)
c.Taxrevenuechangesby:
+(B+D)
d.Totalsurpluschangesby:
-(C+E)
6.Definitionofdeadweightloss:
thefallintotalsurplusthatresultsfromamarketdistortion,suchasatax.
D.DeadweightLossesandtheGainsfromTrade
Figure4
1.Taxescausedeadweightlossesbecausetheypreventbuyersandsellersfrombenefitingfromtrade.
2.Thisoccursbecausethequantityofoutputdeclines;tradesthatwouldbebeneficialtoboththebuyerandsellerwillnottakeplacebecauseofthetax.
Showthestudentsthatthenatureofthisdeadweightlossstemsfromthereductioninthequantityoftheoutputexchanged.Stresstheideathatgoodsthatarenot由produced,consumed,ortaxeddonotgeneratebenefitsforanyone.
3.ThedeadweightlossisequaltoareasCandE(thedropintotalsurplus).
4.Notethatoutputlevelsbetweentheequilibriumquantitywithoutthetaxandthequantitywiththetaxwillnotbeproduced,yetthevalueoftheseunitstoconsumers(representedbythedemandcurve)islargerthanthecostoftheseunitstoproducers(representedbythesupplycurve).
II.TheDeterminantsoftheDeadweightLoss
Figure5
A.Thepriceelasticitiesofsupplyanddemandwilldeterminethesizeofthedeadweightlossthatoccursfromatax.
1.Givenastabledemandcurve,thedeadweightlossislargerwhensupplyisrelativelyelastic.
2.Givenastablesupplycurve,thedeadweightlossislargerwhendemandisrelativelyelastic.
B.CaseStudy:
TheDeadweightLossDebate
1.SocialSecuritytaxandfederalincometaxaretaxesonlaborearnings.Alabortaxplacesataxwedgebetweenthewagethefirmpaysandthewagethatworkersreceive.
2.Thereisconsiderabledebateamongeconomistsconcerningthesizeofthedeadweightlossfromthiswagetax.
3.Thisisbecausethesizeofthedeadweightlossdependsontheelasticityoflaborsupplyanddemand,andthereisdisagreementaboutthemagnitudeoftheelasticityofsupply.
a.Economistswhoarguethatlabortaxesarenotverydistortingbelievethatlaborsupplyisfairlyinelastic.
b.Economistswhoarguethatlabortaxesleadtolargedeadweightlossesbelievethatlaborsupplyismoreelastic.
Activity1一LaborTaxes
Type:
In-classdiscussion
Topics:
Deadweightloss,taxation
Materialsneeded:
None
Time:
10minutes
Classlimitations:
Worksinanysizeclass
Purpose
Moststudentshavenotspentagreatdealoftimeconsideringtheeffectsoftaxationonlaborsupply.Thisin-classexercisegivesthemtheopportunitytoconsidertheeffectsofproposedtaxratesontheirownwillingnesstosupplylabor.
Instructions
Askstudentstoassumethattheyarefull-timeworkersearning$10perhour,$80perday,$400perweek,$20,000peryear.
Askthemiftheywouldquittheirjobsorkeepworkingifthetaxratewas10%,20%,30%,...(upto100%).
Keepatallyastheyshowhandsindicatingthattheyareleavingthelaborforce.
Askstudentswhattheythinkthe“best”taxrateis.
PointsforDiscussion
Manystudentshavenoideathatcurrentmarginaltaxratesaregreaterthan30%formanytaxpayers.
Studentswilllikelysaythatataxrateofzerowouldbebest,butremindthemthattherewouldbenoroads,libraries,parks,ornationaldefensewithoutatleastsomerevenueraisedbythegovernment.
C.FYI:
HenryGeorgeandtheTaxonLand
1.HenryGeorgewasa19thcenturyeconomistwhosuggestedthatthegovernmentuseonlyasingletaxonlandtoraiserevenue.
2.Notethattheburdenofataxfallsmoreheavilyonthesideofthemarketthatislesselastic.Sincethesupplyoflandisfixed,thesupplyoflandisaverticallineandtheelasticityisequaltozero.Thus,landownersbeartheentireburdenofthetax.
3.Therewouldalsobenotaxwedgeinthiscasebecausethesupplycurveisverticalandthisimpliesthatthereisnodeadweightloss(becausethegovernmenfstaxrevenueisexactlyequaltothelandowners5losses).
4.However,thetaxwouldoccurwithoutadeadweightlossonlyifitwasataxonrawlandratherthanimprovementsontheland.
III.DeadweightLossandTaxRevenueasTaxesVary
Figure6
A.Astaxesincrease,thedeadweightlossfromthetaxincreases.
B.Infact,astaxesincrease,thedeadweightlossrisesmorequicklythanthesizeofthetax.
1.Thedeadweightlossistheareaofatriangleandtheareaofatriangledependsonthesquareofitssize.
2.Ifwedoublethesizeofatax,thebaseandheightofthetrianglebothdoublesotheareaofthetriangle(thedeadweightloss)risesbyafactoroffour.
C.Asthetaxincreases,theleveloftaxrevenuewilleventuallyfall.
D.CaseStudy:
TheLafferCurveandSupply-SideEconomics
Figure7
1.TherelationshipbetweenthesizeofataxandtheleveloftaxrevenuesiscalledaLafferCurve.
2.Supply-sideeconomistsinthe1980susedtheLaffercurvetosupporttheirbeliefthatadropintaxratescouldleadtoanincreaseintaxrevenueforthegovernment.
3.WhentaxesrateswereloweredafterReagantookoffice,revenuefrompersonalincometaxesfellwhilepersonalincomesrose.
4.However,taxrevenuescollectedfromtherichestAmericansdidrisewhentheirtaxrateswerecut.
5.Theimportantlessonthatmustbelearnedisthatwecannotpredicthowmuchtaxrevenueswillchangeinresponsetoachangeintaxratesjustbylookingatthetaxratesthemselves.Thegovernmentmustunderstandhowachangeintaxrateswillaffectindividuals5behavior.
ALTERNATIVECLASSROOMEXAMPLE:
Drawagraphshowingthedemandandsupplyofpaperclips.(Draweachcurveasa45Qlinesothatbuyersandsellerswillshareanytaxequally.)Marktheequilibriumpriceas$0.50(perbox)andtheequilibriumquantityas1000boxes.Showstudentstheareasofproducerandconsumersurplus.
Imposea$0.20taxoneachbox.Assumethatsellersarerequiredto"pay”thetax
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