Explain incidence of taxation-impact on market efficiency

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Reference no: EM132114143

(A) Explain Incidence of Taxation and its impact on market efficiency. How the tax burden is shared between buyers and sellers?

(B) Keeping in view the demand –supply analysis, how the following events will affect the prices and quantities/output in the market? (Answers must be supported by a neat and clean diagram):

I. If government imposes 5% custom duty on the import of spare parts in the automobile sector;

II. If government announces to introduce value added tax (VAT) in the white goods sector.

Reference no: EM132114143

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