Note: This is post #12 in a weekly video series on basic microeconomics.
Why do taxes exist? What are their effects? In this video by Marginal Revolution University, economist Alex Tabarrok explains how taxes affect consumer surplus and producer surplus. He also discusses the concept of deadweight by considering a real-world example from the 1990s: taxing luxury yachts.
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How markets discover the equilibrium price
Does the equilibrium model work in the real world?
How elasticity affects human trafficking