ECO 450 week 7 DQ 1

"Taxation and Income" Please respond to the following:

•Explain when and why the lump-sum tax is used as a benchmark. Evaluate the effectiveness of using the lump-sum tax as a benchmark and suggest strategy to improve the effectiveness.
•Analyze the impact of taxation on prices and market efficiency. Identify instance(s) where higher taxes do not reduce the consumption of a good. Provide an example to support your response.
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