Jim has estimated elasticity of demand for gasoline to be 0.7 in the short-run and 1.8 in the long run. A decrease in taxes on gasoline would:
lower tax revenue in both the short and long run
raise tax revenue in both the short and long run
raise tax revenue in the short run but lower tax revenue in the long run
lower tax revenue in the short run but raise tax revenue in the long run.
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