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1. The marginal benefit (demand) curve for pollution for an industry is P=100-4*Q, where Q is emissions in tons. The current emissions tax (price) for pollution is $40/ton. Regulators are curious if a 10% decrease in the pollution tax will lead to a disproportionate percentage increase in emissions. You calculate the elasticity of pollution demand and conclude (choose one):
a. Demand is elastic. A reduction in the tax will lead to a disproportionately large increase in emissions.
b. Demand is elastic. A reduction in the tax will lead to a smaller than proportional increase in emissions.
c. Demand is inelastic. A reduction in the tax will lead to a disproportionately large increase in emissions.
d. Demand is inelastic. A reduction in the tax will lead to a smaller than proportional increase in emissions.
Florida citrus mutual, an agricultural cooperative association for citrus growers in Florida, needs to predict what will happen to the price and output of Florida oranges under the
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