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Word Bank Matching (Each word will be used only once): Price Elasticity of Demand; Income Elasticity of Demand; Price Elasticity of Supply; Cross-Price Elasticity of
Word Bank Matching (Each word will be used only once): Price Elasticity of Demand; Income Elasticity of Demand; Price Elasticity of Supply; Cross-Price Elasticity of Demand; Total Revenue; Tax Incidence; Elastic; Inelastic; Unit Elastic; Perfectly Inelastic; Perfectly Elastic. Use the scenarios below to match with the drop-down menu: If McDonald's wanted to know how much more revenue they would receive if they change the price of their french fries, they would want to calculate the of french fries. If government wanted to know how many more barrels of oil will be purchased if the government issues an increase in income, they would want to calculate the of oil. If researchers wanted to know how many more pounds of coffee beans would be made if the price changes, they would want to calculate the of coffee beans. If Pepsi wanted to know how much market share will change toward or away from Coke if the price of Pepsi changes, they would want to calculate the of Pepsi/Coke. If a tax of $5 is placed upon the producer of luxury handbags, economists would be concerned about the to measure the consumer tax burden versus producer tax burden. At the point on a
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