Determine what is the price that buyers pay

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Economic 101 The supply of luxury boats is perfectly elastic, the demand for luxury boats is unit elastic, and with no tax on luxury boats, the price of luxury boats is $1 million and 240 luxury boats a week are brough. now luxury boats are taxed at 20 percent. Q: what is the price tha buyers pay? How is the tax split between the buyer and the seller? What is the government's tax revenue?

Reference no: EM13219405

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