Principles of Microeconomics
Principles of Microeconomics
At Fenway Park, home of the Boston Red Sox, seating is limited to about 38,000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue, the City of Boston levies a per ticket tax of $5 to be paid by the ticket buyer. Boston sports fans, a famously civic-minded lot, dutifully send in the $5 per ticket. Draw a well-labeled graph showing the impact of the tax. On whom does the tax burden fall—the team's owners, the fans, or both? Why?
The tax is the unilateral payment from the people to the government. Tax is the main source of income of the government which can be used for carrying on the public expenditure of the government.
When the tax is imposed on the ticket, the buyers have to pay the tax initially but since the number of seats available in the stadium is fixed and since it is perfectly inelastic, the burden of tax would fall completely on the owners of the team...
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