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6. What is the impact of an excise/sales tax on supply? How is the impact shown graphically? 7. How is the tax burden distributed between
6. What is the impact of an excise/sales tax on supply? How is the impact shown graphically?
7. How is the tax burden distributed between buyers/consumers and sellers/producers?
8. What are "sin" taxes? Why do government levy these "sin" taxes?
9. What is income elasticity? What does it tell us about the nature of the product?
10. What is cross elasticity? What does it tell us about the relationships between products?
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