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Economics / Principles of Microeconomics 7 / Chapter 8 / Problem 5

Principles of Microeconomics | 7th Edition | ISBN: 9781285165905 | Authors: N Gregory Mankiw

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After economics class one day, your friend suggests that

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QUESTION:

After economics class one day, your friend suggests that taxing food would be a good way to raise revenue because the demand for food is quite inelastic. In what sense is taxing food a good way to raise revenue? In what sense is it not a good way to raise revenue?

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QUESTION:

After economics class one day, your friend suggests that taxing food would be a good way to raise revenue because the demand for food is quite inelastic. In what sense is taxing food a good way to raise revenue? In what sense is it not a good way to raise revenue?

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Government revenues resemble the government's receipts by levying taxes and imposing fees and penalties on certain unethical events.

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