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https://docs.google.com/document/d/1UrXSsG3uKXscdjtzDl-ATLyytVTKtDajw-yGOMgzva4/edit

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price buyers pay increases

price sellers receive decreases

quantity always decreases

- magnitude of tax wedge determined by elasticity

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NO TAX
CS: ABC
PS: DEF
Tax Rev: none
TS: ABCDEF

TAX
CS: A
PS: F
Tax Rev: BD
TS: ABDF
--> deadweight loss: CE

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fall in total surplus that results from market distortion

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taxes cause deadweight losses because they prevent buyers and sellers from realizing some of the gains from trade

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taxes cause deadweight losses because they prevent buyers and sellers from realizing some of the gains from trade

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value to the buyer exceeds cost to the seller
--> difference = lost gains from trade

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more elastic, the greater the deadweight loss

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more elastic, the greater the deadweight loss

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small deadweight loss

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medium deadweight loss

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large deadweight loss

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supply side economics - Reagan

taxes too high may discourage hard work