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3 years ago

Geologists estimate that the age of the earth is 4.54 billion years old, based on

1 answer:

7 0

<span>This age is found from radiometric dating of meteorites that have been found in the earth's crust. Other samples from the earth and from the moon have borne out this finding, and give a very similar age for the oldest known materials.</span>

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The local government decides to impose a sales tax on some selected items. On item X the final prices increases almost the full

Aloiza [94]

Answer:

It isn't a violation of the law of demand. It is as a result of the elasticity of demand.

A tax is a compulsory sum levied on a good or service. Taxes increases the price of products. In determining whom should bear the greater burden of the tax between the consumer and the seller, elasticities are usually considered. The party with either a relatively inelastic supply or demand bears the greater burden of tax while the party with the more elastic demand or supply bears less burden of tax.

Demand (supply) is elastic if a small change in price has a greater effect on the quantity demanded (supplied).

Demand (supply) is inelastic if a small change in price has little or no effect on the quantity demanded (supplied).

For good X, consumers have an inelastic demand so they bear more of the tax Burden. As a result of the tax, price increases, yet the quantity demanded doesn't change. Therefore, the total revenue would rise.

For good Y, consumers have an elastic demand. Therefore, they bear less burden of tax. As a result of the increase in price, the quantity demanded falls and total revenue falls.

Explanation:

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3 years ago

Suppose The government decides to increase taxes by 40 billion in order to increase social security benefits by the same amount

Marina86 [1]

Answer:

Suppose the government decides to increase taxes by $40 billion in order to increase Social Security benefits by the same amount. If the MPC is 0.9, will aggregate demand increase, decrease or remain unchanged at current prices with this combined tax transfer policy? No change Increase in AD O Decrease in AD

5 0

3 years ago

Calculating the price elasticity of demand: A step-by-stepguideSuppose that during the past year, the price of a laptop computer

NARA [144]

Answer:

original quantity = 468,000

Average quantity = 382,000

new quantity = 296,000

a. -45.03%

original price - $2,950

new price = $3,110

Average price = 3030

3. -172,000

$160

b. 5.28%

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = midpoint change in quantity demanded / midpoint change in price

Average quantity = (468,000 + 296,000) / 2 = 382,000

Average price = ($2,950 + $3,110) / 2 = 3030

Change in quantity = 296,000 - 468,000 = -172,000

Change in price = $3110 - $2950 = $160

percentage change in quantity demanded = (-172,000 / 382,000) x 100 = -0.4503 = -45.03%

percentage change in price = 160 / 3030 x 100 = 5.28%

Elasticity of demand = -45.03% / 5.28% = -8.53 = 8.53

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3 years ago

Which revision eliminates the pronoun shift in the sentence below? if a student wishes to go on the field trip, they must bring

Nutka1998 [239]

The revision that eliminates the pronoun shift in the sentence below is If a student wishes to go on the field trip, he or she must bring in a permission slip. This is further explained below.

<h3>What is a permission slip?</h3>

Generally, A permission slip is simply defined as a form that another institution sends home with a pupil and a parent in which the parent authorizes minors.

In conclusion, a permission slip is required as consent from the guardian.