Question if you would like??
Suppose a local coffee shop knows that its elasticity of demand is 0.2. ; Would you recommend that the coffee shop increase its price by 20%? ; Why or why not?
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Suppose a cigarette manufacturer knows that its elasticity of demand is 1.3. ; Would you recommend that they raise price by 20%? ; Why or why not?
Would government be better off taxing gasoline or Nike tennis shoes? ; Use the concept of elasticity (or inelasticity) of demand to defend your choice. ;
Define the following:a. ; Consumer surplusb. ; Producer surplusc. ; Total welfared. ; Deadweight loss
Explain the effects of a tax on consumer and producer surplus. ; Explain what happens to total welfare when government levies a per-unit tax on a good. ; Use the concept of deadweight loss in your explanation.
What are the two characteristics that must be met for a good to be considered a “public good?” ; Give an example of the “free rider” problem and explain why the good or service is subject to this problem.
Answer in your own words.
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