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riadik2000 [5.3K]
3 years ago
15

Suppose that the pre-tax price of gasoline is $1 per gallon. A tax of $0.50 is imposed and is paid by consumers to the governmen

t. What must the gross price of gasoline be after the tax so that the consumer tax burden is equal to the producer tax burden?
Business
1 answer:
charle [14.2K]3 years ago
7 0

Answer:

$1.25

Explanation:

Data provided in the question:

The pre-tax price of gasoline = $1 per gallon

Imposed tax per gallon = $0.50

Now,

The total tax burden on the consumer is $0.50

considering the condition that the consumer tax burden is equal to the producer tax burden

The total tax burden will be divided in equal parts to the consumer and the producer

Thus,

The equal tax burden will be = [ Total tax burden ] ÷ 2

= $0.50 ÷ 2

= $0.25

Hence,

The gross price of gasoline after the tax will be = $1 + $0.25

= $1.25

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Angelina_Jolie [31]

Saving refers the method of accumulating one's capital for future use and this is done by either no spending part of one’s income or cutting down certain costs.

  • Money which are saved are either in cash at hand, in a deposit account or being invested in financial instruments such as Money market etc

  • According to Statistics from a reputable sources, for June 2021, the personal saving rate in the United States is 9.4 percent while in May, there was 10.3 percent in saving rate.

In conclusion, the factor that contributes to decrease in saving rate is the continuous rise of goods and services (Inflation) while income remain constant.

Learn more about Saving rate here

<em>brainly.com/question/6696594</em>

3 0
1 year ago
Wildhorse Co. took a physical inventory on December 31 and determined that goods costing $198,500 were on hand. Not included in
timofeeve [1]

Answer:

$249,500

Explanation:

Calculation for the amount that Sheridan should report as its December 31 inventory

Using this formula

December 31 inventory=Goods costing+Goods purchased +Goods sold

December 31 inventory=$198,500+$25,000+$26,000

December 31 inventory=$249,500

Therefore the amount that Sheridan should report as its December 31 inventory will be $249,500

8 0
2 years ago
Automobile repair costs continue to rise with the average cost now at $367 per repair.† Assume that the cost for an automobile r
vovikov84 [41]

Answer:

a)  0.1728

b)  0.09183

c) 0.7354

d) $ 222.25

Explanation:

Given

mean = \mu = $367

Standard deviation = \sigma =$88

Cost of automobile repair is normally distributed.

a) We have to find P( x > 450 )

P( x > 450 ) = 1 - P( x <= 450 )

Using excel function,   P( x <= x ) = NORMDIST (x,  \mu, \sigma, 1 )

P( x > 450 )   = 1 - NORMDIST( 450 , 367, 88, 1 )

= 1 - 0.8272 = 0.1728

P( x > 450 ) = 0.1728

b)  P( x < 250 ) = NORMDIST( 250 , 367, 88, 1 ) = 0.09183

P( x < 250 ) = 0.09183

c) P( 250 < x < 450 ) = P( x <450 ) - P( x < 250 )

P( x <450 ) = NORMDIST( 450 , 367, 88, 1 ) = 0.8272

P( x < 250 ) = NORMDIST( 250 , 367, 88, 1 ) = 0.09183

P( 250 < x < 450 ) = 0.8272 - 0.09183 = 0.7354

P( 250 < x < 450 ) = 0.7354

d) We have P( X < a ) = 0.05

We have to find a.

Using Excel, = NORMINV ( Probability, \mu, \sigma )

a = NORMINV ( 0.05 , 367, 88 ) = 222.2529

Cost = $ 222.25

8 0
3 years ago
A licensed _______________ must display his or her license conspicuously in the principal place of business at all times.
creativ13 [48]

Answer:

Broker

Explanation:

A licensed broker must dispaly his or her name boldly in their primary place of business at all times becasue it helps to identify a broker quickly as well as has gives confidence to customers to transact business with them.

Cheers.

3 0
3 years ago
Vertical integration allows the firm to gain market power as the firm develops the ability to save on its operations, avoid mark
Wewaii [24]
True i answered this question in class
8 0
3 years ago
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