Answer:
B. The demand is more elastic than supply .
Explanation:
Demand & supply are buyers & sellers ability , willingness to buy & sell respectively .
Elasticity means responsiveness of demand & supply to prices.
'Tax burden' can be forwarded / shared only in case of Indirect taxes , whose burden & incidence lie on different people.
The burden falls on the party (consumers / suppliers) whose market element (demand / supply) is inelastic i.e less responsive to prices.
So , if sellers are bearing larger burden : It means demand is relatively elastic & supply is relatively inelastic.
Answer:
$15,000
Explanation:
Gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.
When calculating GDP, only items produced in the current year are added. The house had been sold in 2007. Adding the sale to the GDP in 2011 would lead to double counting.
It's only the amount paid to the agent that would be added to GDP.
I hope my answer helps you
Answer: The answer is b -an increase in income will cause the demand curve of an inferior good to shift to the left.
Explanation: An inferior good is a good whose demand reduces as income increases. It's demand has an inverse or negative relationship with income. Therefore as the income of the individual increases, the demand for an inferior good reduces. On a graph, the reduction in demand is depicted by an inward shift of the demand curve or a shift of the demand curve to the left to show a reduction in demand. Income is one of the factors that leads to a shift in the demand curve. The income elasticity would be negative
Answer:
Government subsidies some countries soften bed
2.13% or 2 2/15%
The assessed value of all the property is $400,000,000. But $25,000,000 worth is exempted, leaving $400,000,000 - $25,000,000 = $375,000,000 worth of taxable property. Now we need to get $8,000,000 worth of taxes, so we simply divide the required income by the taxable property. So $8,000,000 / $375,000,000 = 0.021333333 = 2.1333333%
Now let's see if we can convert that 0.13333 portion into an exact fraction so that the Village of Goodsprings doesn't have to round up to 2.14% and doesn't loose that small amount of income by rounding down to 2.13%.
x = 0.133333...
10x = 1.33333...
- x -0.13333
9x = 1.2
90x = 12
x = 12/90 = 2/15
