Elucidate the effects on each individual component

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Reference no: EM1349618

Suppose that the government imposes a $1 per gallon tax on gasoline. Also suppose that the government reduces income taxes so that the total revenue collected by gas taxes and income taxes is unchanged.

In light of the externalities involved in the market for gasoline, how do the tax changes affect society's total welfare? Elucidate the effects on each individual component of total welfare

Reference no: EM1349618

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