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Topic 1: Price Elasticity of Demand and Government Revenue
Based on the assessments of price elasticity of demand, some goods are demand-elastic whereas others are demand inelastic. Our consumption pattern also depends on the income elasticity of demand, which shows the relationship between the change in our income and quantity demanded.
When a government wants to increase tax revenue, they will often increase the sales tax on gasoline. Using price elasticity of demand, explain why the tax would be placed on gasoline rather than, say, yachts.
Discussion Checklist:
A. What might be the long run effect of raising the price of gas? B. Who is harmed by the tax? Who benefits from such a tax? C. Are low-income households disproportionately harmed as compared to high-income households? Why?
Unbridled self-interest fails to coordinate resource flows most effectively in which of the following cases? A. The production of a national defense systemB. The production of jazz songs
Analysis is based on a scenario in which the firm is operating on the declining portion of its average total cost (ATC) curve. What would happen to profits if ATC was constant or increasing when demand increases?
What are the various factors used in classifying commodities for tariff purposes?
Give two example of a negative externality and two examples of a positive externality Explain why market outcomes are inefficient in the presence of externalities.
A firm's profit, π , is the difference between its total revenue TR and its total costs TC. If TR = f (Q) and TC = g(Q) write the profit function and find the firm's marginal profit. What is the economic interpretation of marginal profit?
What level of output should be produced to maximize profits?
suppose the production of airframes is characterized by a cobbdouglas production function q lk. the marginal products
A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this assessment, you will demonstrate your ability to analyze the effects of several "shocks" on the market for first class mail (e.g., let..
Find the slope and y-intercept, and the equation for each set of information - What is the opportunity cost of a scarf in Beta? In Zeta?
a manufacturer of microwaves has discovered that male shoppers have little value for microwaves and attribute almost no
What subsidy is necessary to induce the monopolist to produce the socially optimal level of output?
Electric utilities often practice second-degree price discrimination. Why might this improve consumer welfare? Second-degree price discrimination might improve consumer welfare because, compared with single-monopoly pricing,
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