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Price elasticity of supply and demand for salt

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Reference no: EM131233155

The following scenarios describe the price elasticity of supply and demand for salt:

  • Inelastic demand, elastic supply
  • Elastic demand, elastic supply
  • Inelastic demand, inelastic supply
  • Elastic demand, inelastic supply

All else equal (equilibrium price, equilibrium quantity, and size of the tax), in which scenario will government revenues be the highest?

Reference no: EM131233155

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