Assume that the government places a 50 percent tax on, Business Economics

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Assume that the government places a 50 percent tax on

Assume that the government places a 50 percent tax on widgets. Neither the demand for widgets or supply of widgets is perfectly elastic or inelastic

a. Draw a graph showing how the tax will affect the market.

b. Where does the incidence of the tax lie? Explain.

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Business Economics: Assume that the government places a 50 percent tax on

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