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Will the household be better or worse off under the new

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Reference no: EM13321590

1. Suppose that the average household in a state consumes 800 gallons of gasoline per year. A 20-cent gasoline tax is introduced, coupled with a $160 annual tax rebate per household. Will the household be better or worse off under the new program?

2. Which of the following three groups is likely to have the most, and which the least, price-elastic demand for membership in the Association of Business Economists?

a. students

b. junior executives

c. senior executives

Reference no: EM13321590

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