The area which is not converted into either producer or consumer surplus (or in this case governemnt revenue) and is just lost and therefore is a loss of welfare for society as nobody has gained it
Surely if Demand is inelastic, then consumers are more willing to absorb more of the price change and therefore the consumer pays more the tax instead of the producer
![Felix "Unfair" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/Oswujxm2Ag0/mqdefault.jpg)
![Seungmin "그렇게, 천천히, 우리(As we are)" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/kAzmhLHePqU/mqdefault.jpg)
Struggled with this one, but your detailed and concise explanation helped me finally understand it!
Amazing video! It's so clear, thank you
OMGGGG thank you so much, I finally understand, thanks to you I have a chance of passing my big exam tomorrow. I love you
HOW YA DOIN
daniel roberts LOOOOOOOOOOL i replayed that soo many times
it sounds even better in slow motion
this is so confusing not good
@Allan Ivan You copy pasted this on another vid. Seems fishy, don’t google.
Thank you!
Goat
how you doinn!
Thanks
HOW YOU DOINNNN Loollll
Tnx
what is welfare loss?
The area which is not converted into either producer or consumer surplus (or in this case governemnt revenue) and is just lost and therefore is a loss of welfare for society as nobody has gained it
Surely if Demand is inelastic, then consumers are more willing to absorb more of the price change and therefore the consumer pays more the tax instead of the producer
Yes you're correct. That is what is shown on the second diagram. I don't see your problem
@@rorynugent1057 Looool
where is the consumer revenue tho?