26 Jul WHAT IS THE NEW QUANTITY OF BOATS SOLD AND WHAT IS THE GOVERNMENTS TAX REVENUE?
The supply of luxury boats is perfectly Elastic the demand for luxury boats is unit elastic and wi Show more The supply of luxury boats is perfectly Elastic the demand for luxury boats is unit elastic and with no tax on luxury boats the price of luxury boats is $4 Million and 200 Luxury boats are bought a week. Now luxury boats are taxed 10%. What is the new quantity of boats sold and what is the governments tax revenue? Asnwer: the price after tax is $4.4 million that implies the number of boats sold is 181.8 government revenue = 181.8 * 0.4 = $72.73 million Can you please tell me how do you get the number of boats sold is 181.8? Show less
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