Shoes are currently subject to an excise tax of $5 per pair, and they sell for a
Question:
a. If the excise tax is repealed, what can you say about the new price of shoes?
b. If the excise tax is repealed and replaced with a $5 sales tax, what can you say about the new price of shoes?
c. If the excise tax is repealed and replaced with an $8 sales tax, what can you say about the new price of shoes?
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a The excise tax has caused the price to rise by less than 15 which means the original price is ...View the full answer
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