Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.
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Transcript of Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.
![Page 1: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/1.jpg)
Introductory Microeconomics ES10001
Topic 1: Introduction to Markets
Sales and Purchase Tax
![Page 2: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/2.jpg)
Sales and Purchase Taxes: Who Bears the Burden?
2
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1. Introduction
• Imagine that a government wishes to raise some tax revenue
• Two schemes are being considered:
(i) Sales Tax;
(ii) Purchase Tax
![Page 4: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/4.jpg)
1. Introduction
• Sales Tax - £t imposed on the seller of the good
• Seller responsible for forwarding tax to government
• Purchase Tax - £t imposed on the buyer of the good
• Buyer responsible for forwarding tax to government
![Page 5: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/5.jpg)
1. Introduction
Distinguish between:
(i) Ad Valorem tax;
and
(ii) Unit tax
![Page 6: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/6.jpg)
1. Introduction
Ad valorem tax is imposed on the value of good sold / purchased
e.g. UK VAT 17.5 %
Unit tax is imposed on quantity of good sold / purchased
Consider, for simplicity the latter
![Page 7: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/7.jpg)
Which scheme would you, as a consumer, prefer?
To understand this, we need to examine how markets work
i.e. we need to understand demand and supply
1. Introduction
![Page 8: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/8.jpg)
Consider unit purchase tax
Consumer liable for £t per unit purchased
Thus, imposition of tax will reduce consumer’s reservation price for the good
2. Demand
![Page 9: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/9.jpg)
p
0 q
pd
Figure 1: (Unit) Purchase Tax
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p
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tax
pd
ptd
Figure 1: (Unit) Purchase Tax
![Page 11: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/11.jpg)
p
0 10 q
pd
ptd
Figure 1: (Unit) Purchase Tax
5
3
t = £2
![Page 12: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/12.jpg)
Consider unit sales tax
Seller liable for £t per unit purchased
Thus, imposition of tax will increase seller’s reservation price for the good
3. Supply
![Page 13: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/13.jpg)
p
0 q
Figure 2: (Unit) Sales Tax
![Page 14: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/14.jpg)
p
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tax
Figure 9: (Unit) Sales Tax
![Page 15: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/15.jpg)
p
0 q
Figure 9: (Unit) Sales Tax
t = £2 11
9
10
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How do the two types of tax impact upon buyers and sellers?
Assume first a sales tax – i.e. a tax is imposed upon sellers per unit sold
How does this affect market equilibrium?
4. Comparison
![Page 17: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/17.jpg)
p
0 q
Figure 10: (Unit) Sales Tax
![Page 18: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/18.jpg)
p
0 q
t
Figure 10: (Unit) Sales Tax
![Page 19: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/19.jpg)
Thus, a unit sales tax:
(i) Reduces the quantity traded;
(ii) Raises the equilibrium price
4. Comparison
![Page 20: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/20.jpg)
Now, consider a unit purchase tax …
4. Comparison
![Page 21: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/21.jpg)
p
0 q
Figure 11: (Unit) Purchase Tax
![Page 22: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/22.jpg)
p
0 q
Figure 11: (Unit) Purchase Tax
![Page 23: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/23.jpg)
Thus, a unit purchase tax:
(i) Reduces the quantity traded
(ii) Reduces the equilibrium price
4. Comparison
![Page 24: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/24.jpg)
So, which alternative, as a buyer, would you prefer?
Must consider gross and net price
Unit tax drives a wedge between price paid and received
4. Comparison
![Page 25: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/25.jpg)
Unit Sales Tax …
Seller is responsible for paying the tax
Net price seller receives is equilibrium price less tax
4. Comparison
![Page 26: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/26.jpg)
p
0 q
t
Figure 12: (Unit) Sales Tax
![Page 27: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/27.jpg)
p
0 q
t
Buyer Pays
Seller Receives
Figure 12: (Unit) Sales Tax
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Unit Purchase Tax
Buyers is responsible for tax
Net price buyer pays is equilibrium price plus tax
4. Comparison
![Page 29: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/29.jpg)
p
0 q
Figure 13: (Unit) Purchase Tax
![Page 30: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/30.jpg)
p
0 q
t
Figure 13: (Unit) Purchase Tax
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p
0 q
t
Buyer Pays
Seller Receives
Figure 13: (Unit) Purchase Tax
![Page 32: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/32.jpg)
It can be shown that the burden of the tax does not depend upon whom it is imposed
The buyer and seller will share the burden depending upon the slopes of their demand and supply curves
These slopes affect the ability of buyers and seller to ‘pass on’ the burden of the tax to one another
4. Comparison
![Page 33: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/33.jpg)
p
0 q
Figure 14: (Unit) Sales Tax
![Page 34: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/34.jpg)
p
0 q
t
Figure 14: (Unit) Sales Tax
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p
0 q
t
Figure 14: (Unit) Sales Tax
Buyer Pays
Seller Receives
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p
0 q
t
Figure 14: (Unit) Sales Tax
A
B
Buyer Pays
Seller Receives
![Page 37: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/37.jpg)
p
0 q
t
A
B
Buyer’s Burden
Seller’s Burden
Figure 14: (Unit) Sales Tax
Buyer Pays
Seller Receives
![Page 38: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/38.jpg)
p
0 q
t
Figure 14: (Unit) Purchase Tax
![Page 39: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/39.jpg)
p
0 q
t
Figure 14: (Unit) Purchase Tax
Buyer Pays
Seller Receives
![Page 40: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/40.jpg)
p
0 q
t
C
D
Figure 14: (Unit) Purchase Tax
Buyer Pays
Seller Receives
![Page 41: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/41.jpg)
p
0 q
t
C
D
Buyer’s Burden
Figure 14: (Unit) Purchase Tax
Seller’s Burden
![Page 42: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/42.jpg)
Thus: A + B = t = C + D
A = Buyer’s Burden = C
B = Seller’s Burden = D
The relative tax burden does not depend upon whom the tax is imposed
The buyer and seller will share the burden depending upon the slopes of their demand and supply curves
4. Comparison
![Page 43: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/43.jpg)
Try to prove this using the following linear (normal) demand and supply equations:
Solve for the pre- and post-tax equilibria under both a sales and purchase tax and show that the relative burdens are the same
1. Comparison
![Page 44: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/44.jpg)
It can be shown that …
… under both a unit sales tax and a unit purchase tax
4. Comparison
![Page 45: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/45.jpg)
It can be shown, for example, that a seller is able to pass on more of the burden of a sales tax the steeper (i.e. less elastic) is the buyer’s demand curve …
4. Comparison
![Page 46: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/46.jpg)
p
0 q
t
Figure 15: (Unit) Sales Tax
A
B
A = Buyer’s Burden
B = Seller’s Burden
![Page 47: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/47.jpg)
p
0 q
t
A
B
A1
B1
A = Buyer’s Burden
B = Seller’s Burden
Figure 15: (Unit) Sales Tax
![Page 48: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/48.jpg)
In the limit, if the demand curve is vertical (i.e. perfectly inelastic) then the seller is able to pass on all of the burden of a sales tax to the buyer …
4. Comparison
![Page 49: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/49.jpg)
p
0 q
t
A
B
A = Buyer’s Burden
B = Sellers Burden
A2
Figure 15: (Unit) SalesTax
![Page 50: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/50.jpg)
Note, vertical demand curve implies b = 0 such that:
Buyer (Seller) bears all (none) of the burden
4. Comparison
![Page 51: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/51.jpg)
The relative burden a unit tax is determined by the relative slopes of the demand and supply curves
These slopes determine the extent to which buyers and sellers can ‘pass on’ the burden of the tax to one another
Who is legally liable for the tax is not important
4. Conclusion
![Page 52: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/52.jpg)
Demand and supply curves – reservation price schedules of buyers and sellers
That is, the maximum (minimum) price buyers (sellers) are prepared to pay (accept)
If we know the prices that buyers (sellers) actually pay (receive), then we can derive a measure of aggregate surplus and, thus, social welfare
5. Welfare
![Page 53: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/53.jpg)
p
q
Figure 16: Consumer Surplus (CS)
pd
0 1 2 3 4 q* = 5
p* = 2
10
8
6
4
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p
q
Figure 16: Consumer Surplus (CS)
pd
0 1 2 3 4 q* = 5
p* = 2
10
8
6
4
TWP = 10 + 8 + 6 + 4 + 2 = 30p*q* = 10CS = 20
![Page 55: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/55.jpg)
p
q 0
Figure 16: Consumer Surplus (CS)
Demand
q*
p*
Expenditure =p*q*
CS
![Page 56: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/56.jpg)
p
q 0
Figure 17: Producer Surplus (PS)
Supply
q*
p*
PS
Revenue = p*q*
q*
p*
![Page 57: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/57.jpg)
p
q 0
Figure 18: Social Welfare (W)
Demand
Supply
q*
p*
PS
CS
W = CS + PS
![Page 58: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/58.jpg)
p
0 q
t
CS
PS
Figure 19: Social Welfare and Tax
Buyer Pays
Seller Receives
![Page 59: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/59.jpg)
p
0 q
t
CS
PS
T = tq
Figure 19: Social Welfare and Tax
![Page 60: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/60.jpg)
p
0 q
t
CS
PS
DWLT
Figure 19: Social Welfare and Tax
![Page 61: Introductory Microeconomics ES10001 Topic 1: Introduction to Markets Sales and Purchase Tax.](https://reader035.fdocuments.us/reader035/viewer/2022062518/56649e765503460f94b78194/html5/thumbnails/61.jpg)
The relative burden of a unit tax is determined by the relative slopes of the demand and supply curves
Who is legally liable for the tax does not affect the relative burden
But, both sales and purchase unit taxes lead to the same deadweight loss in social welfare.
6. Final Comments
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p
0 q
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p
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t
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