Prices in an economy are indexed to increase

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Reference no: EM1311821

Q1. Suppose that all wages also prices in an economy are indexed to increase. Explain there can still be an increase tax?

Q2. Suppose that the demand for gasoline is inelastic also the supply is comparatively elastic. Governments inflict a sales tax on gasoline. Tax revenue is worn to fund research into clean fuel alternatives to gasoline which will improve the air we all breathe. Who bears more of the burden of this tax? Elucidate how a diagram who bears Elucidate how much of the excess burden.

Reference no: EM1311821

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