Problem
Suppose that the supply curve in a market is upward sloping and that the demand curve is totally inelastic. In a free market the price is $30 per ton. If an excise tax of $2 per ton is imposed in the market, what will be the resulting deadweight loss?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.