Tax

Question 1

Inelastic demand.

Answer 1

Greater burden on consumer with lesser burden on
producer e.g. in case of necessities etc.

Question 2

Elastic demand.

Answer 2

Greater burden on producer with lesser burden on
consumer e.g.in case of luxuries etc.

Question 3

Inelastic supply.

Answer 3

Greater burden on producer with lesser burden on
consumer e.g. in case of agricultural products etc.

Question 4

Elastic supply.

Answer 4

Greater burden on consumer with leaser burden on
producer e.g. in case of manufactured products etc.