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Assume that the government intends to increase entertainment taxes specifically for Korean pop acts. They are so popular while Filipinos are eager to buy concert tickets regardless of cost, so government thinks we can earn a lot from this revenue measure. The revenue generated from increased taxes would support funding for independent Filipino films and cultural acts. Korean pop acts would serve as your supply, and it is relatively price elastic. Filipino consumption for Korean pop content is your demand, and currently, it is relatively price inelastic. Answer the following questions based on this problem.
Who bears the larger tax burden for this measure?
As soon as the measure stabilizes, the demand and supply for Kpop acts would both become relatively elastic. What then is the size of the deadweight loss?
Based on the problem, what factor determines the size of deadweight loss?
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