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Problem: The ABC government decided to raise the excise tax on tordy, i.e., a hard liquor by 400%. Beer is a substitute of tordy - hard liquor. The price of beer is assumed to be unchanged for the next 12 months. In addition, the demand curves of both goods elasticity are greater than one.
Required:
i. Graphically illustrate the effects of this tax on the market demand curve of hard liquor. Explain.
ii. How would the excise tax on tordy - hard liquor affect the demand on beer output/distributor?
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