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Back to Library QID: #6249

Solution for QID #6249: Suppose the supply of housing construction is infinitely ela | StudyHelpMe

Subject: Economics

Status: Verified Solution

Suppose the supply of housing construction is infinitely elastic at a price of $150 per square foot. Currently, 1 million share feet are built per month. If the price elasticity of demand for housing is (-1), calculate the monthly excess burden n of a 10% tax on housing construction. What is the monthly excess burden if the tax is 20%? Who will bear the incidence of the tax?

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