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SOLVED:You are given the following information on a proposed "cigar tax" in the Republic of Panatela. Panatela collects no other specific excise taxes, and all other government revenues come from a neutral lump-sum tax. (A lump-sum tax is a tax of a fixed sum paid by all people regardless of their circumstances.) Assume further that the burden of the tax is fully borne by consumers. Now consider the following data: ∙Cigars consumed before the tax: 18 million ∙Cigars consumed after the tax: 14 mi
SOLVED:You are given the following information on a proposed "cigar t…
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