曼昆经济学原理英文版文案加习题答案.docx
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曼昆经济学原理英文版文案加习题答案.docx
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曼昆经济学原理英文版文案加习题答案
Chapter8
ofTaxation
WHAT’SNEWINTHESEVENTHEDITION:
AnewIntheNewsboxon“TheTaxDebate”hasbeenadded.
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
Øhowtaxesreduceconsumerandproducersurplus.
Øthemeaningandcausesofthedeadweightlossfromatax.
Øwhysometaxeshavelargerdeadweightlossesthanothers.
Øhowtaxrevenueanddeadweightlossvarywiththesizeofatax.
CONTEXTANDPURPOSE:
Chapter8isthesecondchapterinathree-chaptersequencedealingwithwelfareeconomics.Intheprevioussectiononsupplyanddemand,Chapter6introducedtaxesanddemonstratedhowataxaffectsthepriceandquantitysoldinamarket.Chapter6alsodescribedthefactorsthatdeterminehowtheburdenofthetaxisdividedbetweenthebuyersandsellersinamarket.Chapter7developedwelfareeconomics—thestudyofhowtheallocationofresourcesaffectseconomicwell-being.Chapter8combinesthelessonslearnedinChapters6and7andaddressestheeffectsoftaxationonwelfare.Chapter9willaddresstheeffectsoftraderestrictionsonwelfare.
ThepurposeofChapter8istoapplythelessonslearnedaboutwelfareeconomicsinChapter7totheissueoftaxationthatwasaddressedinChapter6.Studentswilllearnthatthecostofataxtobuyersandsellersinamarketexceedstherevenuecollectedbythegovernment.Studentswillalsolearnaboutthefactorsthatdeterminethedegreebywhichthecostofataxexceedstherevenuecollectedbythegovernment.
KEYPOINTS:
∙Ataxonagoodreducesthewelfareofbuyersandsellersofthegood,andthereductioninconsumerandproducersurplususuallyexceedstherevenueraisedbythegovernment.Thefallintotalsurplus—thesumofconsumersurplus,producersurplus,andtaxrevenue—iscalledthedeadweightlossofthetax.
∙Taxeshavedeadweightlossesbecausetheycausebuyerstoconsumelessandsellerstoproduceless,andthesechangesinbehaviorshrinkthesizeofthemarketbelowthelevelthatmaximizestotalsurplus.Becausetheelasticitiesofsupplyanddemandmeasurehowmuchmarketparticipantsrespondtomarketconditions,largerelasticitiesimplylargerdeadweightlosses.
∙Asataxgrowslarger,itdistortsincentivesmore,anditsdeadweightlossgrowslarger.Becauseataxreducesthesizeofamarket,however,taxrevenuedoesnotcontinuallyincrease.Itfirstriseswiththesizeofatax,butifthetaxgetslargeenough,taxrevenuestartstofall.
CHAPTEROUTLINE:
I.TheDeadweightLossofTaxation
A.Rememberthatitdoesnotmatterwhoataxisleviedon;buyersandsellerswilllikelyshareintheburdenofthetax.
B.Ifthereisataxonaproduct,thepricethatabuyerpayswillbegreaterthanthepricethesellerreceives.Thus,thereisataxwedgebetweenthetwopricesandthequantitysoldwillbesmalleriftherewasnotax.
Figure1
C.HowaTaxAffectsMarketParticipants
1.Wecanmeasuretheeffectsofataxonconsumersbyexaminingthechangeinconsumersurplus.Similarly,wecanmeasuretheeffectsofthetaxonproducersbylookingatthechangeinproducersurplus.
2.However,thereisathirdpartythatisaffectedbythetax—thegovernment,whichgetstotaltaxrevenueofT×Q.Ifthetaxrevenueisusedtoprovidegoodsandservicestothepublic,thenthebenefitfromthetaxrevenuemustnotbeignored.
IfyouspentenoughtimecoveringconsumerandproducersurplusinChapter7,studentsshouldhaveaneasytimewiththisconcept.
Figure2
3.WelfarewithoutaTax
Figure3
a.Consumersurplusisequalto:
A+B+C.
b.Producersurplusisequalto:
D+E+F.
c.Totalsurplusisequalto:
A+B+C+D+E+F.
4.WelfarewithaTax
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.Stresstheideathatgoodsthatarenotproduced,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.Thesizeofthedeadweightlossdependsontheelasticityoflaborsupplyanddemand,andthereisdisagreementaboutthemagnitudeoftheelasticityofsupply.
a.Economistswhoarguethatlabortaxesdonotgreatlydistortmarketoutcomesbelievethatlaborsupplyisfairlyinelastic.
b.Economistswhoarguethatlabortaxesleadtolargedeadweightlossesbelievethatlaborsupplyismoreelastic.
Activity1—LaborTaxes
Type:
In-classdiscussion
Topics:
Deadweightloss,taxation
Materialsneeded:
None
Time:
10minutes
Classlimitations:
Worksinanysizeclass
Purpose
Moststudentshavenotspentagreatdealoftimeconsideringtheeffectsoftaxationonlaborsupply.Thisin-classexercisegivesthemtheopportunitytoconsidertheeffectsofproposedtaxratesontheirownwillingnesstosupplylabor.
Instructions
Askstudentstoassumethattheyarefull-timeworkersearning$10perhour,$80perday,$400perweek,$20,000peryear.
Askthemiftheywouldquittheirjobsorkeepworkingifthetaxratewas10%,20%,30%,
…(upto100%).
Keepatallyastheyshowhandsindicatingthattheyareleavingthelaborforce.
Askstudentswhattheythinkthe“best”taxrateis.
PointsforDiscussion
Manystudentshavenoideathatcurrentmarginaltaxratesaregreaterthan30%formanytaxpayers.
Studentswilllikelysaythatataxrateofzerowouldbebest,butremindthemthattherewouldbenoroads,libraries,parks,ornationaldefensewithoutatleastsomerevenueraisedbythegovernment.
III.DeadweightLossandTaxRevenueasTaxesVary
Figure6
A.Astaxesincrease,thedeadweightlossfromthetaxincreases.
B.Infact,astaxesincrease,thedeadweightlossrisesmorequicklythanthesizeofthetax.
1.Thedeadweightlossistheareaofatriangleandtheareaofatriangledependsonthesquareofitssize.
2.Ifwedoublethesizeofatax,thebaseandheightofthetrianglebothdoublesotheareaofthetriangle(thedeadweightloss)risesbyafactoroffour.
C.Asthetaxincreases,theleveloftaxrevenuewilleventuallyfall.
D.CaseStudy:
TheLafferCurveandSupply-SideEconomics
1.TherelationshipbetweenthesizeofataxandtheleveloftaxrevenuesiscalledaLaffercurve.
2.Supply-sideeconomistsinthe1980susedtheLaffercurvetosupporttheirbeliefthatadropintaxratescouldleadtoanincreaseintaxrevenueforthegovernment.
3.EconomistscontinuetodebateLaffer’sargument.
a.Manybelievethatthe1980srefutedLaffer’stheory.
b.Othersbelievethattheeventsofthe1980stellamorefavorablesupply-sidestory.
c.Someeconomistsbelievethat,whileanoverallcutintaxesnormallydecreasesrevenue,sometaxpayersmayfindthemselvesonthewrongsideoftheLaffercurve.
ALTERNATIVECLASSROOMEXAMPLE:
Drawagraphshowingthedemandandsupplyofpaperclips.(Draweachcurveasa45-degreelinesothatbuyersandsellerswillshareanytaxequally.)Marktheequilibriumpriceas$(perbox)andtheequilibriumquantityas1,000boxes.Showstudentstheareasofproducerandconsumersurplus.
Imposea$taxoneachbox.Assumethatsellersarerequiredto“pay”thetaxtothegovernment.Showstudentsthat:
▪thepricebuyerspaywillriseto$.
▪thepricesellersreceivewillfallto$.
▪thequantityofpaperclipspurchasedwillfall(assumeto800units).
▪taxrevenuewouldbeequalto$160($⨯800).
Havestudentscalculatetheareaofdeadweightloss.(Youmayhavetoremindstudentshowtocalculatetheareaofatriangle.)
Showstudentsthatasthetaxincreases(to$,$,and$,taxrevenuerisesandthenfalls,andthedeadweightlossincreases.
E.IntheNews:
TheTaxDebate
1.Recently,policymakershavedebatedtheeffectsofincreasingthetaxrate,particularlyonhigher-incometaxpayers.
2.ThesetwoopinionpiecesfromTheWallStreetJournalpresentbothsidesoftheissue.
Activity2—TaxAlternatives
Type:
In-classassignment
Topics:
Taxesanddeadweightloss
Materialsneeded:
None
Ti
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