Question
1) Draw perfectly elastic, perfectly inelastic, and moderately elastic demand curves, and give examples of the types of products for each. 2) Calculate areas a,
1) Draw perfectly elastic, perfectly inelastic, and moderately elastic demand curves, and give examples of the types of products for each.
2) Calculate areas a, b c and d, and the total dead weight loss to the country:
3) Demand is 1,000. Price elasticity of demand is -3. tariff is 15%. What would a quota have to be to give you the same results as the 15% tariff??
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Econometric Analysis
Authors: William H. Greene
5th Edition
130661899, 978-0130661890
