# 25 Indirect taxes, subsidies, and price controls

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1 5 Indirect taxes, subsidies, and price contros By the end of this chapter, you shoud be abe to: define and give exampes of an indirect tax expain the difference between a specific tax and a percentage tax expain the importance of easticity in understanding the effect of a specific tax on the demand for, and suppy of, a product expain how the imposition of an indirect tax may affect consumers, producers, and the government HL expain the significance of the easticity of demand and suppy in assessing the incidence of an indirect tax HL using equations of inear functions, show and expain the effects of indirect (specific) taxes on a market HL iustrate and cacuate how the incidence of tax differs for consumers, producers and the government HL using equations of inear functions, show and expain the effects of subsidies on a market HL cacuate the effects of minimum and maximum prices from diagrams define a subsidy expain how the granting of a subsidy may affect consumers, producers, and the government expain, distinguish between, iustrate and give exampes of maximum and minimum price contros discuss the consequences of price contros on the stakehoders in a market. hen governments impose taxes on products, or give subsidies to firms, there are bound to be effects upon demand and suppy and we now need to consider those possibe effects and how they are infuenced by the reative price easticities for the product. The effect of an indirect tax on the demand for, and suppy of, a product An indirect tax is one imposed upon expenditure. It is paced upon the seing price of a product, so it raises the firm s costs and shifts the suppy curve for the product verticay upwards by the amount of the tax. Because of this shift, ess product wi be suppied at every price. There are two types of indirect taxes to consider: A specific tax: This is a specific, or fixed, amount of tax that is imposed upon a product, for exampe, a tax of \$ per unit. It thus has the effect of shifting the suppy curve verticay upwards by the amount of the tax, in this case, by \$. This is shown in Figure 5.(a). is the origina suppy curve and tax is the curve after the tax is imposed. (a) A specific tax \$ \$ +tax (b) A percentage tax \$ +tax \$ Figure 5. The effect on a suppy curve of different types of indirect taxes 63

4 5 Indirect taxes, subsidies, and price contros 5 Indirect taxes, subsidies, and price contros 68 The effect of a subsidy on the demand for, and suppy of, a product A subsidy is an amount of money paid by the government to a firm, per unit of output. There are a number of reasons why a government may give a subsidy for a product and the main ones are: To ower the price of essentia goods, such as mik, to consumers. In this way, the government hopes that the consumption of the product wi be increased, encouraged by the ower price. To guarantee the suppy of products that the government thinks are necessary for the economy. This may be because the goods are essentia for the economy, such as a basic food suppy or a power source ike coa. It may aso be that the industry creates a ot of empoyment that woud be ost, thus causing economic and socia probems. 3 To enabe producers to compete with overseas trade, thus protecting the home industry. (This is deat with in more detai in hapter.) If a subsidy is granted to a firm on a certain product, then the suppy curve for the product wi shift verticay downwards by the amount of the subsidy, because it reduces the costs of production for the firm, and more wi be suppied at every price. As with indirect taxes, the amount of the subsidy that is passed on to the consumers in the form of ower prices, and the amount that is retained by the producers, wi depend upon the reative easticities of demand and suppy. Athough percentage subsidies are sometimes granted, they are rare and so we wi concentrate on specific subsidies. A specific subsidy is a specific amount of money that is given for each unit of the product, for exampe, a subsidy of \$ per unit. It thus has the effect of shifting the suppy curve verticay downwards by the amount of the subsidy, in this case by \$, at every price. This is shown in Figure 5.5. is the origina suppy curve and subsidy is the curve after the subsidy is granted. If we take a norma demand and suppy curve and then assume that the government grants a specific subsidy on a product, we get the diagrams shown in Figure 5.6(a), (b), and (c). The market is in equiibrium with Q e being suppied and demanded at a price of P e. After the subsidy of per unit is granted, the suppy curve shifts verticay downwards from to subsidy. As we can see in Figure 5.6(a), the producers ower their prices and increase output unti a new equiibrium is reached, which is at a price of P, where Q is both demanded and suppied. From Figure 5.6(a), we can see that the price to consumers fas from P e to P, not the whoe amount of the subsidy, which woud need a fa to P. The income of the producers rises from the origina amount of P e Q e to Q. The consumers pay P Q for their purchases and P is paid to the producers by the government as the subsidy on the Q units. From Figure 5.6(b), we can see that the consumers get to buy the origina Q e units at a ower price, P, thus saving the expenditure P P e. However, they do purchase more units, Q e Q, because the price is ower, \$ \$ subsidy Figure 5.5 The effect on a suppy curve of a specific subsidy suppied (a) Increase in producer revenue (b) hange in consumer expenditure Figure 5.6 The granting of a specific subsidy on a product subsidy suppied (c) Amount of government subsidy subsidy suppied subsidy suppied spending Q e Q extra. Tota consumer expenditure may increase or fa, depending upon the reative savings and extra expenditure. Figure 5.6(c) shows us that the tota cost of the subsidy to the government is P. This money has to be found from somewhere and so there is an opportunity cost here. Once again, the government must either take money away from other areas of expenditure, such as buiding infrastructure or providing pubic amenities, or it must raise taxes. There are a number of things that need to be evauated when a government is considering the granting of a subsidy: tudent workpoint 5.3 Be a thinker iustrate and expain The demand and suppy functions for a product are given beow: Q 5 6 P Q 5 P Make a tabe to show the demand schedue and suppy schedue for the product when prices are \$, \$, \$, \$3, \$4, \$5 and \$6. raw a diagram to show the demand curve and suppy curve that represent the demand and suppy schedues that you have made. 3 Iustrate the equiibrium price and quantity bought and sod. 4 Using simutaneous equations cacuate the equiibrium price and quantity. The opportunity cost of government spending on the subsidy in terms of other aternative government spending projects. hether the subsidy wi aow firms to be inefficient, if they do not have to compete with foreign producers in a free market. Athough a subsidy aows consumers to buy products at a ower price, they may aso be the taxpayers who are funding the subsidy. ho is paying the taxes? hat damage wi it do to the saes of foreign producers who are not receiving subsidies from their governments? There is a great dea of internationa debate concerning the biions of doars of subsidies that high-income countries give to their farmers. These subsidies ead to over-production and it is argued that this is highy damaging to sma-scae farmers in deveoping countries who do not receive subsidies themseves and then have to compete with the ow prices charged by the farmers who do receive subsidies. High-income country farmers are accused of dumping their products in deveoping countries. That is, they are accused of seing such products at prices beneath their costs of production. This is a major issue of contention at the ord Trade Organization (TO). Now et us assume that the government gives the producers a subsidy of \$ per unit. 5 Add the new suppy curve to the graph. 6 Iustrate the new equiibrium price and quantity. 7 acuate the increase in producer revenue when the subsidy is given. 8 acuate the tota expenditure by the government. 9 Expain why both consumers and producers benefit from the granting of the subsidy. Identify possibe osers from the granting of the subsidy and expain why they may ose. 69

6 5 Indirect taxes, subsidies, and price contros 5 Indirect taxes, subsidies, and price contros 7 tudent workpoint 5.5 Be a thinker iustrate, expain, and suggest soutions A government wishes to keep the cost of cheap rented accommodation ow in a city, by imposing ega maximum rents on properties of a certain size. In doing this, they aim to: provide ow-cost rented accommodation for peope on ow incomes provide more rented accommodation for peope on ow incomes. raw a diagram to show the effect of the maximum rent egisation on the market for rented accommodation. Expain the situation facing those peope who rent out their properties. 3 Expain the situation facing those peope who wish to rent properties. 4 uggest measures that the government might take to ensure that they achieve both of their stated aims above. Assessment Advice In HL paper 3 you may be asked to cacuate possibe effects from the price ceiing diagram incuding the possibe shortage, changes in expenditure and tota expenditure. Here is an exampe of the kinds of questions that you may face and suggested responses. Beow is the market for cooking oi in a country. Price of cooking oi per itre (\$) of cooking oi (miions of itres) The government of the country decides to impose a ega price ceiing of \$ per itre. Indicate the equiibrium price and quantity on the graph. how the price ceiing on the diagram. 3 Expain how much cooking oi wi be demanded and suppied foowing the imposition of the price ceiing. 4 acuate the change in consumer expenditure on cooking oi foowing the imposition of the price ceiing. 5 Expain two measures that the government may take to achieve their aim of giving ess expensive cooking oi to more peope. The required diagram is shown beow: Price of cooking oi per itre (\$).5.5 Price ceiing.5 of cooking oi (miions of itres) The equiibrium price and quantity are shown as \$.5 and miion itres of cooking oi. The ceiing price is indicated at \$. ou coud expain that at the maximum price of \$,.5 miion itres of cooking oi wi be demanded but ony.5 miion itres wi be suppied. This means that there wi be an excess demand for cooking oi of miion itres. onsumer expenditure before the maximum price was miion 3 \$.5 5 \$.5 miion. onsumer expenditure after the maximum price was.5 miion 3 \$. 5 \$.5 miion. Therefore, consumer expenditure on cooking oi has faen by \$ miion. ou coud expain that if the government wants to achieve its aim then they need to eiminate the excess demand. This might be done by: a irect provision of cooking oi by the government, i.e. the setting up of government owned cooking oi manufacturers. b Granting subsidies to cooking oi producers in order to encourage greater suppy. Minimum (high) price contros This is a situation where the government sets a minimum price, above the equiibrium price, which then prevents producers from reducing the price beow it. These are sometimes known as foor prices, since the price is not abe to go beow the foor. Minimum prices are mosty set for one of two reasons. To attempt to raise incomes for producers of goods and services that the government thinks are important, such as agricutura products. They may be heped because their prices are subject to arge fuctuations, or because there is a ot of foreign competition. To protect workers by setting a minimum wage, to ensure that workers earn enough to ead a reasonabe existence. Figure 5.9 shows the situation that might exist if the government were to impement a minimum price in the market for wheat. ithout government interference, the equiibrium quantity demanded and suppied woud be Q e, at a price of P e. The government imposes a minimum price of P Min in order to increase the revenue of the producers of wheat. However, a probem now arises. At the price P Min, ony Q wi be demanded because the price has risen, but Q wi now be suppied. Thus we have a situation of excess suppy. If the government does not intervene further, they wi find that consumption of wheat actuay fas from Q e to Q, abeit at a higher price. The excess suppy creates probems. Producers wi find that they have surpuses and wi be tempted to try to get around the price contros and se their excess suppy for a ower price, somewhere between P Min and P e. In order to maintain the minimum price, it is ikey that the government wi have to intervene. This is shown in Figure 5.. The government woud normay eiminate the excess suppy by buying up the surpus products, at the minimum price, thus shifting the demand curve to the right and creating a new equiibrium at P Min, with Q being demanded and suppied. The new demand curve woud be government buying. The government coud then store the surpus, destroy it, or attempt to se it abroad. However, storage tends to be rather expensive and destroying products is considered to be wastefu. eing abroad is aways an option, but it often causes angry reactions from the foreign governments invoved, who caim that products are being dumped on their markets and wi harm their domestic industries. In some cases, such as the European Union agricutura poicy, farmers are guaranteed a minimum price and are then paid to set aside and that they woud have used to produce the product in question. They are then paid the price for an estimated harvest and nothing is actuay grown. This costs the same for the government, but avoids storage costs or destroying produce. Price of wheat (\$) PMin Excess suppy Q of wheat (s of tonnes) Figure 5.9 A minimum price in the market for wheat Price of wheat (\$) PMin Excess suppy Minimum price Minimum price + government Q buying of wheat (s of tonnes) Figure 5. Government action to sove the probem of excess suppy 73

8 5 Indirect taxes, subsidies, and price contros ata response exercise igarette tax hike woud benefit Tennessee residents Though southern states ike Tennessee traditionay suffer from the highest incidence of youth and adut smoking in the nation, the indirect taxes the state and its neighbours impose on cigarettes are among the owest. It is fet that increasing Tennessee s indirect tax on cigarettes woud hep immensey in the fight to keep teenagers from beginning the habit. That s one of the advantageous aims of identica pieces of egisation in the House and enate that propose to increase state taxes on cigarettes in this session, whie decreasing the tax on groceries by the same amount. hie a tax increase of any kind tends to be highy unpopuar, this proposa deserves serious consideration. It has been cacuated that the state has the country s highest average food tax at 8.4%, but one of the owest cigarette taxes. The specific tax is set at cents per pack, or one cent a cigarette. The nationa average for cigarette taxes is 9 cents per pack. The egisation seeks to decrease the state saes tax rate on food, whie increasing the tax on cigarettes to 3.5 cents per cigarette on Juy 6, with further increases each year of.5 cents or the amount needed to baance the oss in revenue created by the decrease in the saes tax on food. The increase in the per-pack tax on cigarettes proposed in this egisation is admittedy a huge increase. But the decrease in saes tax on grocery items woud obviousy benefit the majority of Tennesseans. And no one seriousy disputes the disastrous heath consequences of cigarette smoking. The evidence is a around us. In Tennessee, studies show 4,5 youths become reguar smokers every year. et, according to recent data from the epartment of Heath and Human ervices, Tennessee ony spends about \$.5 miion on smoking prevention and treatment programs annuay. That s the owest amount budgeted among a states except for nnsyvania. Tennessee has one of the highest percentages of smokers in the nation. That obviousy needs to change. This is egisation that wi reduce the effective price of food, save ives and decrease the ong-term heath care costs associated with tobacco use. This sounds ike a winning proposition for everyone. ource: Kingsport Times-News Monday, March 6 Assessment advice: data response h enever you are drawing diagrams in a data response answer, aways try to use actua numbers on the diagram, if they are given in the text. Aso, make sure that you abe the axes fuy. 76

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