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- Elasticity and tax revenueKey points Tax incidence is the manner in which the tax burden is divided between buyers and sellers. The tax incidence depends on the relative price elasticity of supply and demand. When supply is more elastic than demand, buyers bear most of the tax burden. When demand is more elastic than supply, producers bear most of the cost of the tax. Tax revenue is larger...0 Комментарии 0 Поделились 4379 Просмотры 0 предпросмотр
- Elasticity in areas other than priceKey points Elasticity is a general term, referring to percentage change of one variable divided by percentage change of a related variable that can be applied to many economic connections. Elasticity applies in labor markets and financial capital markets just as it does in markets for goods and services. Cross-price elasticity of demand is the percentage change in...0 Комментарии 0 Поделились 4383 Просмотры 0 предпросмотр
- Elasticity in the long run and short runKey points In the market for goods and services, quantity supplied and quantity demanded are often relatively slow to react to changes in price in the short run, but they react more substantially in the long run. As a result, demand and supply often—but not always—tend to be relatively inelastic in the short run and relatively elastic in the long run....0 Комментарии 0 Поделились 4443 Просмотры 0 предпросмотр
- Explicit and implicit costs and accounting and economic profitKey points Privately owned firms are motivated to earn profits. Profit is the difference between revenues and costs. Private enterprise is the ownership of businesses by private individuals. Production is the process of combining inputs to produce outputs, ideally of a value greater than the value of the inputs. Revenue is income from selling a...0 Комментарии 0 Поделились 3883 Просмотры 0 предпросмотр
- Harry Potter 20th Anniversary: Return to Hogwarts (2022)Cast members from all "Harry Potter" films reunite in a retrospective special to celebrate the anniversary of the first film, including interviews and cast conversations. My Link0 Комментарии 0 Поделились 16930 Просмотры 0 предпросмотр
- How perfectly competitive firms make output decisionsKey points As a perfectly competitive firm produces a greater quantity of output, its total revenue steadily increases at a constant rate determined by the given market price. Profits will be highest—or losses will be smallest—for a perfectly competitive firm at the quantity of output where total revenues exceed total costs by the greatest amount, or where total...0 Комментарии 0 Поделились 3955 Просмотры 0 предпросмотр
- Interpreting the aggregate demand/aggregate supply modelKey points The aggregate demand/aggregate supply model is a model that shows what determines total supply or total demand for the economy and how total demand and total supply interact at the macroeconomic level. Aggregate supply is the total quantity of output firms will produce and sell—in other words, the real GDP. Aggregate demand is the...0 Комментарии 0 Поделились 4276 Просмотры 0 предпросмотр
- Star Wars: Episode VI - Return of the Jedi. (1983)After a daring mission to rescue Han Solo from Jabba the Hutt, the Rebels dispatch to Endor to destroy the second Death Star. Meanwhile, Luke struggles to help Darth Vader back from the dark side without falling into the Emperor's trap. Star Wars: Episode IV - A New Hope. (1977) Star Wars: Episode V - The Empire Strikes Back. (1980) My link0 Комментарии 0 Поделились 10909 Просмотры 0 предпросмотр
- Supply and its determinantsThe law of supply The law of supply states that there is a positive relationship between price and quantity supplied, leading to an upward-sloping supply curve. Sellers like to make money, and higher prices mean more money! For example, let’s say that fishermen notice the price of tuna rising. Because higher prices will make them more money, fishermen spend more...0 Комментарии 0 Поделились 3082 Просмотры 0 предпросмотр
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