Answers
Inelastic demand is a type of demand in which even there is a very high change in the price but quantity demanded change is very less
elastic demand is a type of demand in which there is a little change in the price but causes every change in the quantity demanded
So if a demand is inelastic demand then the government knows that their quantity demanded will be always high whether price high or low
For taking benefit t,government mostly put excise taxes on it because they are the basic needs which will always be demanded
The best example of this is gasoline
But if a demand is elastic demand then it is very price sensitive which means a consumer may demand it very less if price goes heights or excise taxes are high so government do not put very high taxes on elastic goods
- Jos I Cinelastic o- excis EN Revenue exase tax
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