moodle-courses2223.wolfware.ncsu.edu C Please foll Short Answer Unit B Quiz [1 attempt) (untimed) (LO 8.11) (page 2 of 2] Fall 2022 Introduction to Agricultural & Resource Economics Unit 8 Quiz (1 attempt) (untimed) (LO 8.11) hort Answer Unit 8 Quiz (1 attempt) (untimed) 0 8.11) "And the way that economists measure this market power is by looking at how consumers... behave when prices change. It's basically a kind of competition between how responsive are. consumers to the changing prices." The quote above can be best described by which concept in our unit? Answer The podcast relates most closely to which concept in this unit? a. Cross-Price elasticity of demand b. Tax incidence up Unitary elastic d Income elasticity of demand 7 The loderal gas tax is_cents por gation, Just enter the number with no dollar signs orort Answer Unit 8 Quiz (1 attempt) (untimed) 0 8.11) If input prices for Good X fall, and you observe that total revenue also falls, describe what must have happened using supply and demand curves. Be specific (e.g. did a curve shift at the top bottom, or middle of another curve?) 1 A U S Maximum sire for new files: 2 GBbar highly inelastic Answer the following questions using your knowledge from the units and information from the podcast. All answers should be in your own words. 1. Is demand for gas more inelastic or elastic according to the podcast? 1-2 sentences 2. Is supply of gas more inelastic or elastic according to the podcast? 1-2 sentences. 3. According to the podcast. consumers have traditionally taken on most of the gas tax burden when taxes have been increased. Use tax incidence to explain this. 2-3 sentences. 4: According to the podcast. why might consumers benefit if the gas tax is reduced? Use tax incidence to explain this in 2-3 sentences. 1 B S Q DII DD FA F5 F6 F7 FB F10Short Answer Unit & Quiz (1 attempt) (untimed) (LO 8.11) (page 1 of 2) C Plane follow in You can drag and drop files here to add them, Why is there a negative sign in front of each own-price elasticity of demand? Be sure to use the most relevant economic terms/concepts. IE Maximum size for now liles; 2.GB