Slide 1 Principles of Micro Chapter 8: “Application: The Cost of Taxation” by Tanya Molodtsova, Fall 2005 Slide 2 We Will Learn: taxes reduce consumer and producer surplus…

1.88Application: The Costs of Taxation 2. Application: The Costs of Taxation • Welfare economicsWelfare economics is the study of how the allocation of resources affects…

Slide 1 U.S. Fiscal Policy Mr. Rae Slide 2 U.S. Federal Deficit 13.8 Trillion Dollars! – Size of government increasing? – PAY FREEZE DUE TO SHRINKING OF THE PRIVATE SECTOR?…

Taxes CHAPTER 8 When you have completed your study of this chapter, you will be able to C H A P T E R C H E C K L I S T Explain how taxes change prices and quantities, are…

Progressivism under Taft Progressivism under Taft and Wilson SWBAT: Homework: Do Now: Study for Vocab Quiz Who is William Howard Taft? Republican. Started out as Rooseveltâs…

Slide 1 8 Application: The Costs of Taxation Slide 2 CHAPTER 8 APPLICATION: THE COSTS OF TAXATION 2 The Effects of Taxation We saw in Chapter 6 how taxesChapter 6 –reduce…