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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Why will government raise more tax revenue if it applies a tax to a good with inelastic demand than if it applies the tax to a good with elastic demand?

To determine

The government tax revenue and the inelastic demand of a good.

Explanation

Tax is the major income source of the government. The government can raise the revenue by imposing the tax on a good with inelastic demand than a product with elastic demand...

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