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Chapter8ofTaxation8APPLICATION:THECOSTSOFTAXATIONWHAT’SNEWINTHESEVENTHEDITION:AnewIntheNewsboxon―TheTaxDebate‖hasbeenadded.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:howtaxesreduceconsumerandproducersurplus.themeaningandcausesofthedeadweightlossfromatax.whysometaxeshavelargerdeadweightlossesthanothers.howtaxrevenueanddeadweightlossvarywiththesizeofatax.CONTEXTANDPURPOSE:Chapter8isthesecondchapterinathree-chaptersequencedealingwithwelfareeconomics.Intheprevioussectiononsupplyanddemand,Chapter6introducedtaxesanddemonstratedhowataxaffectsthepriceandquantitysoldinamarket.Chapter6alsodescribedthefactorsthatdeterminehowtheburdenofthetaxisdividedbetweenthebuyersandsellersinamarket.Chapter7developedwelfareeconomics—thestudyofhowtheallocationofresourcesaffectseconomicwell-being.Chapter8combinesthelessonslearnedinChapters6and7andaddressestheeffectsoftaxationonwelfare.Chapter9willaddresstheeffectsoftraderestrictionsonwelfare.ThepurposeofChapter8istoapplythelessonslearnedaboutwelfareeconomicsinChapter7totheissueoftaxationthatwasaddressedinChapter6.Studentswilllearnthatthecostofataxtobuyersandsellersinamarketexceedstherevenuecollectedbythegovernment.Studentswillalsolearnaboutthefactorsthatdeterminethedegreebywhichthecostofataxexceedstherevenuecollectedbythegovernment.144©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.
Chapter8/Application:TheCostsofTaxation❖145KEYPOINTS:Ataxonagoodreducesthewelfareofbuyersandsellersofthegood,andthereductioninconsumerandproducersurplususuallyexceedstherevenueraisedbythegovernment.Thefallintotalsurplus—thesumofconsumersurplus,producersurplus,andtaxrevenue—iscalledthedeadweightlossofthetax.Taxeshavedeadweightlossesbecausetheycausebuyerstoconsumelessandsellerstoproduceless,andthesechangesinbehaviorshrinkthesizeofthemarketbelowthelevelthatmaximizestotalsurplus.Becausetheelasticitiesofsupplyanddemandmeasurehowmuchmarketparticipantsrespondtomarketconditions,largerelasticitiesimplylargerdeadweightlosses.Asataxgrowslarger,itdistortsincentivesmore,anditsdeadweightlossgrowslarger.Becauseataxreducesthesizeofamarket,however,taxrevenuedoesnotcontinuallyincrease.Itfirstriseswiththesizeofatax,butifthetaxgetslargeenough,taxrevenuestartstofall.CHAPTEROUTLINE:I.TheDeadweightLossofTaxationA.Rememberthatitdoesnotmatterwhoataxisleviedon;buyersandsellerswilllikelyshareintheburdenofthetax.B.Ifthereisataxonaproduct,thepricethatabuyerpayswillbegreaterthanthepricethesellerreceives.Thus,thereisataxwedgebetweenthetwopricesandthequantitysoldwillbesmalleriftherewasnotax.Figure1©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.
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