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Surplus, indirect taxes and subsidies (Pollution permit (This means supply…
Surplus, indirect taxes and subsidies
Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good/service and the total amount they actually do pay
Producer surplus is the difference between the price a producer is willing to supply a product at and the price actually received for the product
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Ad valorem tax
The percentage of the price, good or service
The more expensive the product, the greater the tax amount levelon it
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