Tax Impose on Buyers or Sellers – Provincial Government of BC – Tax Law Assignment Help

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Assignment Task :

a) Does the tax impose on buyers or sellers? How can you tell?

b) Before the imposition of tax, what was the reason of “The prices were going up way too fast”? Graphically explain.

c) Discuss with figure about the impact of 15-per-cent foreign-buyers tax on British Columbia’s (BC’s) real estate market applying the concept of demand, supply and market equilibrium analysis.

d) What would be the impact on the housing market if provincial government of BC decide to increase the amount of rebate of low-income earning households buying their first home?

e) If the Canadian Government sets a ceiling price of houses in order to satisfy the buyers of the houses, what would be the impact this policy in the housing market.  

 

Problem Two

 a) Suppose the Cabbage rises from $0.20 per Kilogram to $0.30 per Kilogram. The quantity demanded of cabbage falls from 800 Kilogram per week to 600 Kilogram per week. Calculate the price elasticity of demand for cabbage using the midpoint formula. Is the demand elastic, inelastic, or unit elastic? What would be the effect on total revenue of the Cabbage seller of such an increase in the Cabbage price?

b) John spends his income of $150 per week on two goods: pizzas (which cost $5 each) and books (which cost $10 each). At her current level of consumption, the marginal utility from the last pizza consumed is 20 and the marginal utility from the last book consumed is 30. Is John maximizing his utility? Why or why not? If not, what should John do to achieve a higher level of utility?

 

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