Examlex
List the following goods in order of increasing price elasticity of demand and explain why they are ranked that way: a first class ticket to your dream holiday destination, a two-day ferry cruise, a local bus ticket to work, hiring a sports car for a day.
Tax Burden
The total amount of taxes paid by individuals or businesses, expressed as a share of their income or in absolute terms.
Excise Tax
A tax imposed on specific goods, services, or transactions, often included in the price of the product, like gasoline or alcohol.
Tax Amount
The total sum of money required by a government from individuals or businesses as a form of revenue.
Deadweight Loss
A loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved.
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