Assuming fuel is one of the main inputs

Reference no: EM13201362

(a) Assuming fuel is one of the main inputs for many sectors.When a war breaks out in country A, which is the main producer of fuel in the world, it causes fuel supply disruptions in the world. Discuss the market for equilibrium for fuel and car after the war outbreak.

(b) Following the war, the government of Country A would like to impose tax on cars.Illustrate and explain with graph for the car market due to taxes(Assuming the elasticity demand for car is elastic).In your opinion,who will bear more of the taxes imposed-suppliers or consumers?

Reference no: EM13201362

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