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Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Explain how the use of an excise tax changes price level and quantity in a market, as
well as the pros and cons of excise taxes and why excise taxes are used in the product
market
- Demonstrate how to calculate total revenue, tax revenue, net revenue, and the tax
incidence in a product market, and then use labeling on the graph to identify areas of tax
incidence
- Discuss how elasticity and inelasticity of demand affects the total revenue, tax revenue,
and the tax incidence in a product market, and then shade in areas on the graph to in
- Highlight how to identify the areas of total revenue, tax revenue, net revenue, and tax
incidence on a supply and demand graph
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