Figure 8-3

-Refer to Figure 8-3.The amount of tax revenue received by the government is equal to

Name: Figure 8-3 -Refer to Figure 8-3.The amount of tax revenue received by the government is equal to
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Question

Figure 8-3
 
-Refer to Figure 8-3.The amount of tax revenue received by the government is equal to

Quizplus · Accepted Answer

The tax revenue received by the government is equal to the product of the tax rate and the total quantity of the good sold. In this case, the tax rate is $7 and the quantity sold is 140 units. Therefore, tax revenue = $7 x 140 = $980.

Figure 8-3 -Refer to Figure 8-3.The Amount of Tax Revenue Received by Tax