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Suppose the government is considering the imposition of a unit tax to be levied on beer producers. The view of companies is that this is just one more cost for them to bear. Consumers disagree saying that the companies pass the taxes on to them in terms of higher prices.(a) Given that the demand for beer is inelastic, which viewpoint is correct? (b) Would the burden of the tax be any different if the government levied thetax on consumers (over the counter) rather than on beer producers?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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