A Wall Street Journal article (Democrats Rethink Climate Measures, Consider Carbon Tax; Party needs to stay united
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Question:
a). What would be the main welfare impacts of the tax on carbon emissions? Please evaluate the impacts on the households (consumers), businesses (producers) and society (including the government tax revenue).
b). Use the graph you drew in (or draw a new graph) to explain the tax incidence? Who pays more tax? Will there be a large deadweight loss? Explain briefly.
c). Evaluate the alternative policies to reduce carbon emissions, such as tax credits for purchasing electric vehicles, subsidies to the clean energy industry, and a fee on methane emissions.
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