How is the tax split between the buyer and the seller

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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: EM13219188

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