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Illustrates the key terms of excise tax?
Terms of excise tax:
a. Tax incidence
• Who bears the load of the tax?
b. Excess burden or Deadweight loss
• Taxes inflict additional costs, over and above the money really paid in taxes, into the form of inefficiencies, that occur since the tax discourages equally beneficial transactions
c. Tax revenue = Area of Wedge as by height and width
Economies of Scale The reduction in the cost of each additional unit produced as all factors of production increase. Factors contributing to economies of scale include discoun
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How economic theory explain optimum pattern of consumption for an individual consumer
what is break even quantity
Ask question using health care as an example explain how markets fail due to different types of externalities arising from jointness in production and consumption
1) The $787 billion stimulus package, "American Recovery and Reinvestment Act" passed in Winter 2009 contained a mix of tax rebates, tax credits and increases in various transfer p
herberler theory of opportunity cost
The town utilizes standard disc type PD water meters for all residential connections. These meters were warranted by the manufacturer to be accurate within two percent of actual f
A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.
define for whom to produce
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