SAT, 13.01.2022 23:10 KariSupreme
You are the manager of medium-sized company that deals in production of make-ups in Ghana. Suppose one morning you heard on the news that the government has imposed a lump sum tax on every unit of make-up sold in the market.
a) Using demand and supply analysis, illustrate the effect of the lump sum tax imposed on the make-up market by showing whether there will be a shortage or surplus of make-ups in the market.
b) How would you expect the equilibrium price and quantity of make-up to change in the market?
c) Suppose during the same period the price of a leading substitute product decreases along with the change the effect of the tax mentioned above, how would you expect the equilibrium price and quantity of make-up to change?
Note: Draw a graph to explain your answers.
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You are the manager of medium-sized company that deals in production of make-ups in Ghana. Suppose o...
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