Think about a sales tax on various products. Evaluate based on the potential for the tax to raise revenue, affect equilibrium quantity, as well as any other issues you can think of. First imagine a luxury tax, such as was imposed in the U.S. in 1991 on items such as yachts. What effect might this have on price, quantity, and revenue raised? What did happen with the U.S. luxury tax in the early 1990s, and why? Now think about a sales tax on gasoline. What are the relative merits and potential effects for equilibrium and tax revenue with this kind of a tax? Explain in detail. Finally, debate the merits of a sales tax on necessary items such as milk and bread. Do you think this would raise revenue, and would there be any other considerations? Explain. What do you think would constitute an "ideal" product for a sales tax? What made you select this item as an example? Explain