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Suppose a local coffee shop knows that its elasticity of demand is 0.2. Would y

Suppose a local coffee shop knows that its elasticity of demand is 0.2.  Would you recommend that the coffee shop increase its price by 20%?  Why or why not?

Suppose a cigarette manufacturer knows that its elasticity of demand is 1.3.  Would you recommend that they raise price by 20%?  Why or why not?

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Would government be better off taxing gasoline or Nike tennis shoes?  Use the concept of elasticity (or inelasticity) of demand to defend your choice. 

Define the following:a.  Consumer surplusb.  Producer surplusc.  Total welfared.  Deadweight loss

Explain the effects of a tax on consumer and producer surplus.  Explain what happens to total welfare when government levies a per-unit tax on a good.  Use the concept of deadweight loss in your explanation.

What are the two characteristics that must be met for a good to be considered a “public good?”  Give an example of the “free rider” problem and explain why the good or service is subject to this problem.

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Suppose a local coffee shop knows that its elasticity of demand is 0.2. Would y was first posted on October 8, 2020 at 9:56 pm.
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