Why might consumers benefit if the gas tax is reduced

Reference no: EM133366902

Question: Answer the following questions using your knowledge from the units and information from the podcast. All answers should be in your own words.

1. Is demand for gas more inelastic or elastic according to the podcast?

2. Is supply of gas more inelastic or elastic according to the podcast?

3. According to the podcast, consumers have traditionally taken on most of the gas tax burden when taxes have been increased. Use tax incidence to explain this.

4. According to the podcast, why might consumers benefit if the gas tax is reduced? Use tax incidence to explain

Reference no: EM133366902

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