If a tax is imposed on a good where both supply and demand are somewhat elastic, but supply is more elastic than demand, the burden of the tax will be borne Select one: a. by producers alone. b. mostly by producers but partially by consumers. c. mostly by consumers but partially by producers. d. by consumers alone.

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13-07-2022
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If a tax is imposed on a good where both supply and demand are somewhat elastic, but supply is more elastic than demand, the burden of the tax will be borne Select one: a. by producers alone. b. mostly by producers but partially by consumers. c. mostly by consumers but partially by producers. d. by consumers alone.

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Tutorconsortium323 Tutorconsortium323 · Answer 1 · 2022-07-22T04:17:44+02:00

If a tax is imposed on a good where both supply and demand are somewhat elastic, but supply is more elastic than demand, the burden of the tax will be borne (C) mostly by consumers but partially by producers.

What is an Elasticity?

This refers to the responsiveness of percentage change in quantity to the percentage change in price.

What is Tax Burden ?

The burden of a tax is generally shared by the producers and consumers in a market. In other words, the price that the consumer pays as a result of the tax (inclusive of the tax) is higher than what would exist in the market without the tax, but not by the entire amount of the tax.

If supply is perfectly elastic or demand is perfectly inelastic, consumers will bear the entire burden of a tax. Conversely, if demand is perfectly elastic or supply is perfectly inelastic, producers will bear the entire burden of a tax.

What is More Elastic Supply and Less Elastic Demand?

When supply is more elastic than demand, consumers will bear more of the burden of a tax than producers will. For example, if supply is twice as elastic as demand, producers will bear one-third of the tax burden and consumers will bear two-thirds of the tax burden.

Therefore, we can conclude that the correct option is C.

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