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Author Question: In the figure above, the deadweight loss from the tariff is ________. A) 32 million B) 80 ... (Read 50 times)

deesands

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on: Jun 29, 2018
In the figure above, the deadweight loss from the tariff is ________.
 
  A) 32 million
  B) 80 million
  C) 16 million
  D) zero

Question 2

The price elasticity of demand for gasoline is 0.40. If the price of gasoline rises by 20 percent, there will be
 
  A) a decrease of more than 20 percent in the quantity of gasoline demanded.
  B) an increase in the total revenue received from the sale of gasoline.
  C) a loss of total revenue for gasoline producers, because at a higher price the quantity of gasoline demanded decreases.
  D) no change in the quantity of gasoline sold because people need gasoline.


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lin77x

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

B


deesands

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Reply 2 on: Jun 29, 2018
Wow, this really help

dawsa925

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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