price elasticity and taxation
“In comparing relatively elastic demand to relatively inelastic demand, explain the difference between the government tax revenues collected and the economic burden of a tax in these two situations.â€
*When completing the essay, you want to analyze if the government tax revenue will be greater on taxing elastic goods or inelastic goods. Make sure to explain thoroughly, with support from the lecture notes, why you believe your answer to be true. Additionally, looking at the economic burden (who pays more between the consumers/producers), explain who pays more if the good is elastic and who pays more if demand for the good is inelastic. Make sure to support your argument.
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