The United Kingdom has a drinking problem. British per-capita consumption of alcohol rose 19% between 1980 and 2007, compared with a 13% decline in other developed countries. Worried about excessive drinking among young people, the British government increased the tax on beer by 42% from 2008 to 2012. Under what conditions will this specific tax substantially reduce the equilibrium quantity of alcohol? Answer in terms of the elasticity of the demand and supply curves.
The United Kingdom has a drinking problem. British per-capita consumption of alcohol rose 19% between 1980 and 2007, compared with a 13% decline in”
by | Mar 12, 2022 | Uncategorized
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