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mash [69]
3 years ago
9

The income elasticity of demand for a food is unity. a consumer's monthly income is $2,000, of which 20 percent is spent on food

. if income doubles, the amount spent on food will be:
Business
1 answer:
Anna11 [10]3 years ago
8 0
Obviously, it becomes half so it'll be 10%
Forgive me if its wrong. im answering as best as i can.
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In an economy where heating oil is the primary source of heat for most households, new supplies of natural gas, a substitute for
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Price Decreases & Quantity Decreases

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As a result of the discovery of an alternative which is cheaper, consumers increase demand for natural gas. The demand for heating oil would fall. This would lead to a fall in price and quantity.

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Jason is shopping at Hollister. Hollister has a sale: spend $100 saves 10%. If Jason buys clothes that costs $100, how much will
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A deadweight loss is a consequence of a tax on a good because the tax a. induces the government to increase its expenditures. b.
zalisa [80]

Answer:

B) induces buyers to consume less, and sellers to produce less.

Explanation:

Taxes are a necessary evil since they always increase the price of the goods and services that consumers buy and decrease the amount of money that producers receive from selling their goods and services. But taxes are necessary and unavoidable.

But once a market assumes all the effects of existing taxes it reaches an equilibrium price that both consumers and producers are satisfied with. If a new tax is levied than the deadweight losses are greater since consumer surplus and producer surplus are both reduced. This will lead to a reduction in the incentive that both consumers and producers have to engage in transactions. Many times consumers will substitute heavily taxed goods for other goods since they feel they are getting more from consuming those goods (consumer surplus). The same happens to producers, many producers will change their heavily taxed goods for other goods.

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