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Author Question: Which of the following is NOT true about the 3 per pizza tax illustrated in the above figure? A) ... (Read 66 times)

tatyanajohnson

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on: Jun 29, 2018
Which of the following is NOT true about the 3 per pizza tax illustrated in the above figure?
 
  A) It decreases consumer surplus by 90 thousand.
  B) It decreases producer surplus by 45 thousand.
  C) It creates a deadweight loss of 135 thousand.
  D) None of the above because they are all true.

Question 2

If your annual income rose by 10 percent and you increased your purchases of shoes from 2 pairs to 3 pairs each year, then your demand for shoes is
 
  A) income inelastic and equal to 0.50.
  B) income elastic and equal to 1.50.
  C) income inelastic.
  D) income elastic.


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vish98

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

C

Answer to Question 2

D


tatyanajohnson

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Reply #2 on: Jun 29, 2018
Thank you :)


vish98

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Reply #3 on: Jun 29, 2018
Happy to help you


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