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Micro
Government Intervention
Taxation
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Created by
charlie Fullard
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Cards (6)
Indirect tax
tax on
expenditure
ad velorum tax
tax in
proportion
to price
unit/specific tax
tax in proportion to
volume
of goods purchased
elastic tax burden
demand is elastic so consumer burden is far smaller than producer burden
P1 - P2 is greater than P1-P3
Inelastic tax burden
demand is
inelastic
so consumer burden is far
greater
than producer
burden
P1-P2 is far greater than P1-P3
Ad Velorum
taxes
Diverging
supply curves so tax
increases
as Q increases
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