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Market demand curve for soybeans

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Reference no: EM131166909

1. If the elasticity of demand for cars is -2.0, an antipollution tax on their sale of 5% of their price will reduce the quantity of cars sold by 10%.

2. A tax on the crops of blue-eyed soybean farmers over the age of 47 who reside in northwest lowa will fall chiefly on consumers of soybeans if the market demand curve for soybeans is highly inelastic.

3. It never matters which side of the market(producers or consumers) you tax because the incidence of tax will be the same regardless of who is being taxed.

Is this true or false, explain.

Reference no: EM131166909

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