Question: Answer the following questions using your knowledge from the units and information from the podcast. Is demand for gas more inelastic or elastic according to

Answer the following questions using your knowledge from the units and information from the podcast.

  1. Is demand for gas more inelastic or elastic according to the podcast?
  2. Is supply of gas more inelastic or elastic according to the podcast?
  3. According to the podcast, consumers have traditionally taken on most of the gas tax burden when taxes have been increased. Use tax incidence to explain this.
  4. According to the podcast, why might consumers benefit if the gas tax is reduced? Use tax incidence to explain

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