Steve values a painting at $15,000 and the painting costs $12,000. However, the government imposes a $4,000
Question:
Steve values a painting at $15,000 and the painting costs $12,000.
However, the government imposes a $4,000 tax on the painting. What
is the deadweight loss of this tax?
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Step by Step Answer:
3000 Steve will not buy the painting since with the ta...View the full answer
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