Author Question: Water is considered a necessity. So, is the demand for water elastic or inelastic? What will be ... (Read 76 times)

azncindy619

  • Hero Member
  • *****
  • Posts: 562
Water is considered a necessity. So, is the demand for water elastic or inelastic?
 
  What will be an ideal response?

Question 2

Suppose Motorland's government imposes a tax of 1.50 per gallon of gasoline sold. With the tax, when the market is in equilibrium, the deadweight loss is
 
  A) zero.
  B) 37,500 per month.
  C) 150,000 per month.
  D) 75,000 per month.


cpetit11

  • Sr. Member
  • ****
  • Posts: 321
Answer to Question 1

The demand for necessities is inelastic, so the demand for water is inelastic.

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

Chronic necrotizing aspergillosis has a slowly progressive process that, unlike invasive aspergillosis, does not spread to other organ systems or the blood vessels. It most often affects middle-aged and elderly individuals, spreading to surrounding tissue in the lungs. The disease often does not respond to conventionally successful treatments, and requires individualized therapies in order to keep it from becoming life-threatening.

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

If you use artificial sweeteners, such as cyclamates, your eyes may be more sensitive to light. Other factors that will make your eyes more sensitive to light include use of antibiotics, oral contraceptives, hypertension medications, diuretics, and antidiabetic medications.

For a complete list of videos, visit our video library