Taxes and perfectly elastic demand

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Taxes and perfectly elastic demand발음듣기

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Let's think about how a tax on a product might affect it, if the demand for it is very, very, very elastic.발음듣기

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So what I've done here - We're going to think about flags - the market for a certain type of flag that's made in China.s발음듣기

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And to think about this flag - think about it this way.발음듣기

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If the price - the price right now - the equilibrium price between where the supply and the demand intersect - the supply curve and the demand curve intersect - is right about seventy dollars per flag.발음듣기

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So this is a pretty nice flag. It's right at seventy dollars per flag.발음듣기

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And the quantity demanded, in thousands per year, it looks like it's about twenty five thousand flags are demanded per year.발음듣기

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Now if at the price were to go slightly above that equilibrium price, what's going to happen?발음듣기

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Well, if the price goes slightly above that equilibrium price, people are going to say, "Well, I can go by the American flags made in Taiwan, or even the ones made in America, or made in Mexico, or made some place else.발음듣기

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Because..."People won't be able to tell the difference from a distance."발음듣기

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So I'm going to buy one of the substitutes... [because] especially the ones from Taiwan or Mexico or wherever else. are identical to the ones made in China.발음듣기

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So if the price for slightly- even slightly higher, the quantity demanded would be much, much, much lower.발음듣기

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And if the price were even a little bit lower, then people say, "I'm not going to buy the Mexican flag - or the Taiwanese [or] American flags.발음듣기

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I'm going to buy the ones that were made in China."발음듣기

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And then the quantity demanded would be much larger.발음듣기

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And so what you have here is a very large, a high elasticity of demand.발음듣기

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So this right over here, this is almost perfectly elastic.발음듣기

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If it was perfectly elastic, it would be completely horizontal.발음듣기

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So this is almost almost almost perfectly- perfectly elastic - elastic demand.발음듣기

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A very small change in price leads to a huge change in quantity.발음듣기

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In particular a very small percentage change in price leads to a huge percent change in quantity.발음듣기

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So let's say that - that some government official decides, "You know what? [I] don't like the idea of American flags being made in China."발음듣기

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So they decide to tax American flags made in China.발음듣기

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So what they do is that they place a tax, they place a tax - And once again I'll do a fixed dollar tax.발음듣기

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It could be a percentage and if a percentage then it'll change the sup - the supply plus tax curve It'll be - the shift will will be a percentage change instead of a fixed change.발음듣기

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But the fixed change is a little bit easier to draw, so I'll do that.발음듣기

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So let's say that there is a tax- Let me do that in a different color.발음듣기

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Let's say that there's a tax placed of ten dollars - ten dollars per flag.발음듣기

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Ten dollars, actually - Let's do an even a smaller amount.발음듣기

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Let's say that there is a tax placed of of one dollar per flag - one dollar per flag.발음듣기

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I'll make it a little bit larger.발음듣기

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Let's say it's five dollars per flag - five dollars per flag.발음듣기

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So now what is the supply plus tax curve?발음듣기

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So the supplier / just to make the flags in China and ship them to United States and get the story here even to get that first flag done even if is that in the most efficient way possible looks do you need at least looks like around fifty to fifty three dollars now.발음듣기

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Now they're going now they're still going to need that plus there's going to be a five dollar tax on it.발음듣기

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So supply plus tax is going to be that plus five dollars is going to be right around there Over here, you add five dollars.발음듣기

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So at any given point, we're gonna add five dollars to essentially what the consumer would have to see.발음듣기

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So you would have a curve that looks something like this you would have a curve that looks something like this you would have a curve that looks something like this.발음듣기

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That dotted line right over there is our supply is our supply plus tax.발음듣기

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This right over here was just our supply --was just our supply.발음듣기

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So you're essentially - So let's think about what happens here.발음듣기

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Your equilibrium price was at seventy before. Now our equilibrium price is still - Our equilibrium price is still pretty much at seventy.발음듣기

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But our equilibrium quantity has gone down dramatically.발음듣기

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Our equilibrium quantity has gone down to - our equilibrium quantity has gone down to - I don't know. It looks like about eighteen thousand.발음듣기

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Eighteen thousand flags per year.발음듣기

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So who bore - who bore the bulk of this right over here?발음듣기

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So let's think about the tax revenue.발음듣기

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So the tax revenue in this situation is going to be eighteen thousand times the five dollars.발음듣기

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So this is the five dollars right over here. That is five dollars - and then times eighteen thousand - times eighteen thousand.발음듣기

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So this right over here is the tax revenue. That right over there is a tax revenue.발음듣기

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Actually, let me draw a little bit more carefully so the tax revenue is.발음듣기

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This is going to be between this line right over here and five dollars.발음듣기

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So just like that. So that's all the tax revenue.발음듣기

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And notice. It all came out of the producer surplus.발음듣기

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The original producer surplus - the original producer surplus was - Especially if we assume perfect elasticity - The original producer surplus was this green rectangle plus this and plus this.발음듣기

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Now this is going to be - This little area right over here is going to be dead weight loss - dead-weight loss.발음듣기

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And all of that came from the producer's surplus.발음듣기

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And then the all the tax revenue, also - If you especially if you assume this top-line was horizontal - also came out of the producer surplus.발음듣기

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So in this situation where you had almost where you.발음듣기

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We could say, if if you do have perfect elasticity if you have perfect elasticity of demand for the product, The person who's going to bear the the brunt of the tax - so - is going to be the producer.발음듣기

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The producer surplus is going to be eaten into from the tax.발음듣기

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Bears - bears the Actually that's not - that's not (I'm not talking about the animal, "bears.")발음듣기

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The producer, - You know - I'm not - well - The producer gets the burden the producer The producer gets the burden in that situation.발음듣기

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And this is an interesting thing to think about.발음듣기

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Because when you have almost perfectly elastic demand - so a - almost - or if you said perfectly elastic demand - a flat - a flat demand curve right over here - there's - there's actually no consumer surplus, because the marginal benefit, even the incremental marginal or -- (I'm - I'm being redundant with the words incremental and marginal.)발음듣기

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But the marginal benefit at any point for the consumer for - that - for that next unit is equal to the price they're paying, when you have - There's no - There's-발음듣기

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Especially if the the especially if the demand curve is perfectly elastic - and it's perfectly horizontal - There is no area between the demand curve and the price paid.발음듣기

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So there's actually - There's isn't any - even any consumer surplus to take any - to take any of the - to take - to eat into.발음듣기

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It all gets eaten out of the out of the producer surplus.발음듣기

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