Answered: A $1200 television has a 10 percent…

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Economics

A $1200 television has a 10 percent tax. Calculate the tax amount and total amount due.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 16SQP

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Question

A $1200 television has a 10 percent tax. Calculate the tax amount and total amount due.

Expert Solution

Step 1

An excuse tax is a tax on each unit of a commodity. Consumers and producers share the burden or incidence of tax.

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