Illustrates the key terms of excise tax, Microeconomics

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Illustrates the key terms of excise tax?

Terms of excise tax:

a. Tax incidence

• Who bears the load of the tax?

b. Excess burden or Deadweight loss

• Taxes inflict additional costs, over and above the money really paid in taxes, into the form of inefficiencies, that occur since the tax discourages equally beneficial transactions

c. Tax revenue = Area of Wedge as by height and width

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