If supply of a good is perfectly inelastic, then the sellers of that good are expected to

Question:

“If supply of a good is perfectly inelastic, then the sellers of that good are expected to bear the full revenue burden of an excise tax on the sale or consumption of that good.”

Evaluate this statement. Can you think of any examples of goods whose supply is (at least almost) perfectly inelastic?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

State And Local Public Finance

ISBN: 9780367467241

5th Edition

Authors: Ronald C. Fisher

See More Books

Question Posted: Mar 18, 2024 04:18 AM

See More Questions

The United States imposes an excise tax on the sale of domestic airline tickets. Let's assume that in 2010 the total excise tax was $6.10 per airline ticket (consisting of the $3.60 flight segment...
CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...
A cellphone postpaid plan costs 250 per month with unlimited calls to all networks, 150 text messages per month, and no data plan. After 150 text messages, it costs 0.75 for each text message you...
Fredo loves watching Downton Abbey on his local public TV station, but he never sends any money to support the station during its fund-raising drives. a. What name do economists have for people like...
A three-phase Y- transformer is rated 225-kV: 24-kV, 400 MVA and has a series reactance of 11.7 as referred to its high-voltage terminals. The transformer is supplying a load of 325 MVA, with 0.93...
In February 2007, The Elliot Group, Inc., an Illinois real estate developer, made a deal with the Village of Arlington Heights to develop property in that village. Arlington Market, LLC, was...
The Electrocomp Corporation manufactures two electrical products: air conditioners and large fans. The assembly process for each is similar in that both require a certain amount of wiring and...
The graph below shows the number of people who consume different numbers of lollipops per year. What is the median number of lollipops consumed? Number of People 3 27 24 21 18 15 12 96 Number of...
If a unit tax is increased from $1 per unit sold to $2, the efficiency cost of the tax more than doubles. Explain.
Suppose that the local legislative body in Your College Town (YCT) decides to levy a tax of $.50 for each 12 ounces of beer sold in the city (both by the drink and packages). The city sees the tax as...
Discuss whether the de Broglie wavelength of a proton becomes longer or shorter as its velocity increases?
A common argument against the transitivity property of preferences is that people cannot discern between small differences, but, then assuming transitivity implies that they should be indifferent...
Find a good or service in your daily life/local community which you consider to be monopolistically competitive. If possible, take a picture and insert it into your document. If not, describe it by...
1. Solve each of the following either by factoring (when possible) or using the quadratic formula. (a) 2+3x-10=0 (b) 2-9-0 (c) 322-2r-8 (d) 2+2x-2=0 2. What is the domain of the rational function...
Aspen Bhd has 100,000 units of convertible bonds issue outstanding which can be converted into shares at any time. Each bond has a face value of RM1,000 and could be converted into common shares at a...
Homework Assignment Chapter 4b Create a Java Project folder named Chap4b Create a class named Student 1. The Student class will contain private instance data fields for these fields only: studentID...
A body of mass m is thrown at an angle a to the horizontal with the initial velocity vo. Find the mean power developed by gravity over the whole time of motion of the body, and the instantaneous...
Discuss the information available from the following techniques in the analysis of inorganic pigments used in antique oil paintings: (i) Powder X-ray diffraction, (ii) Infrared and Raman...
The following question considers the possibility that employer-provided health insurance reduces job mobilitya phenomenon that has been termed job lock. Job lock prevents workers from transitioning...
The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) mandated that employers with over 20 employees allow workers who are separated from their job to purchase insurance through their...
Describe the empirical evidence of the relationship between Medicaid expansions and improved childrens health. How cost-effective have these Medicaid expansions been? Explain your answer.
MILANI DETERGENCY (PTY)LTD In 2020, Milani Detergency (Pty) Ltd was established at the height of Covid-19. Throughout Gauteng, the company is known for manufacturing the largest amount of washing...
1. What did you accomplish by using the XLookUp function? 2. As a manager of City Market, how would you use the outcome of this worksheet to better manage the business? 3. If you were to add a...
Project Proposal: Information System Implementation for a new Real Estate company. The main purpose of this proposal is to provide an overview of the proposed project. Your proposal should address...

If supply of a good is perfectly inelastic, then the sellers of that good are expected to

Question:

Step by Step Answer:

State And Local Public Finance

Students also viewed these Business questions