Draw well labelled diagram that shows the impat of the tax

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Reference no: EM131196384

At the Melbourne Cricket Ground, the venue for the Australian Foot- ball League (AFL) grand final and the Boxing Day test cricket match, seating is limited to 95,000 people. Seeing a golden opportunity to raise revenue, the Victorian state government levies a tax of $5 on each ticket to the AFL grand final. This tax is to be paid by the purchaser of the ticket.

(a) Draw a well labelled diagram that shows the impat of the tax.

(b) On whom does the tax burden fall –the AFL (who sell the tickets), the fans, or both? Explain your answer.

Reference no: EM131196384

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