plz answer correct explain plz asap Dont answer by pen pepar Consider the two markets:(i) market for milk vs (ii) market for luxury carsSuppose a sales tax is imposed on the two markets. In whichmarket the sellers' share of tax burden is greater than thebuyers' share? Explain.O Seller's share of tax burden is greater in the market for milkbecause demand for milk is elastic, meanwhile the demandfor luxury cars is inelastic.O Seller's share of tax burden is greater in the market for milkbecause buyers will stop buying milk after a sales tax isimposed. Meanwhile, buyers will still buy luxury cars after asales tax is imposed.O Seller's share of tax burden is greater in the market forluxury cars because demand for milk is inelastic, meanwhilethe demand for luxury cars is elastic.O Seller's share of tax burden is greater in the market for milkbecause in the market for milk, the producer surplus isgreater than the willingness to pay.

INTRODUCTION - When a sales tax is imposed on a market, the burden of the tax is shared between the…

Answered: Consider the two markets: (i) market…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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