Question: [Related to Solved Problem 18.3 on page 596] Explain whether you agree with the following statement: For a given demand curve, the excess burden of

[Related to Solved Problem 18.3 on page 596] Explain whether you agree with the following statement: “For a given demand curve, the excess burden of a tax will be greater when supply is less price elastic than when it is more elastic.” Illustrate your answer with a demand and supply graph.

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