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Please read the following article:http://www.nytimes.com/1992/02/07/business/falling-tax-would-lift-all-yachts.html How does elasticity help to explain why demand fell as a result of the imposition of the yacht tax? How

Please read the following article:http://www.nytimes.com/1992/02/07/business/falling-tax-would-lift-all-yachts.html

How does elasticity help to explain why demand fell as a result of the imposition of the yacht tax? How can we use elasticity analysis to craft sound public policy?

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