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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 Reacties 0 aandelen 4388 Views 0 voorbeeld
- 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 Reacties 0 aandelen 4388 Views 0 voorbeeld
- 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 Reacties 0 aandelen 4451 Views 0 voorbeeld
- 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 Reacties 0 aandelen 3887 Views 0 voorbeeld
- 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 Reacties 0 aandelen 16936 Views 0 voorbeeld
- 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 Reacties 0 aandelen 3959 Views 0 voorbeeld
- 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 Reacties 0 aandelen 4281 Views 0 voorbeeld
- 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 Reacties 0 aandelen 10916 Views 0 voorbeeld
- 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 Reacties 0 aandelen 3087 Views 0 voorbeeld
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