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A tax imposed on a market with an inelastic demand and an elastic supply with cause: A)sellers to pay the majority of the tax B)buyers to pay the majority of the tax C)the tax burden to be equally devided between buyers and sellers D)the tax burden to be

A tax imposed on a market with an inelastic demand and an elastic supply with cause:
A)sellers to pay the majority of the tax
B)buyers to pay the majority of the tax
C)the tax burden to be equally devided between buyers and sellers
D)the tax burden to be divided, but it cannot be determined how
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ReportAnswer #1
GOLD DUST FOR SALE


Dear Sir/ Madam,
We are small scale Gold miners here on the sub-region of West Africa. We have some huge

quantity of alluvial Gold Dust for sale at a considerable price of $30,500USD per kilo

which is below world market price, 22 carat and 92.05% purity. If you are interested, do

not hesitate to get back to us as soon as possible for us to give you our full co-operate

offer (FCO)
Best Regards
MR BENSON IMO
ReportAnswer #2
Take a shot, what do you think? Hint: draw a graph with an elastic supply and an inelastic demand. Then shift up the supply curve representing the tax. What happens to price and the amount of revenue received by suppliers? by purchasers?
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A tax imposed on a market with an inelastic demand and an elastic supply with cause: A)sellers to pay the majority of the tax B)buyers to pay the majority of the tax C)the tax burden to be equally devided between buyers and sellers D)the tax burden to be
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