(Answered) Economic concept taxes matter as they affect behavior

Management Studies

Economic Concept: "Taxes matter" as they affect behavior (remember that economics is a behavioral science).

What happens to social welfare (remember the textbook's definition of social welfare) if we increase taxes on the rich?

Make sure that you can explain your answer using a graph.

What happens to consumer and producer surplus if we increase taxes on the rich? What happens to deadweight loss if we increase taxes on the rich? (Make sure that you can reflect these changes graphically.) What happens to social welfare?

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