Use a consumer surplus approach, to explain the effect of demand elasticity on the excess burden with the introduction of a selective tax.

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A: As a part of budget 2018, the government of Canada introduced the Canada Workers Benefit (CWB). CWB…

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A: Variable cost is that part of total cost which is dependent of output level.

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A: Price elasticity of supply measures the responsiveness of quantity supplied to changes in the price

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