If the demand curve for a good is unit price elastic and the supply curve is perfectly price elastic, a 1 specific tax imposed on the sellers of this good will
A) shift the supply curve up vertically by 1.
B) shift the demand curve down vertically by 1.
C) not raise price at all.
D) cause price to increase but by less than 1.
Question 2
If a government wants to maximize revenues from a tax, it should
A) impose it on sellers.
B) impose it on consumers.
C) choose a good with a relatively elastic demand.
D) choose a good with a relatively inelastic demand.
The Elastic Rebound Theory
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.