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TYPES OF BUDGETS
1. Deficit budget
If the proposed expenditure is greater than the planned revenue from taxation and miscellaneous receipts, this is a budget deficit. The excess of expenditure over revenue will be met through borrowing both internally through the sale of Treasury Bills and externally from other organisations.
2. Balanced budget
If the proposed expenditure is equal to the planned revenue from taxation and other miscellaneous receipts, this is a balanced budget. Usually, balanced budgets are not presented, unless the expenditure is very limited. It would mean the government would have to over-tax the population which can create disincentives. It is to avoid this that the tax revenue is supplemented by borrowing.
3. Surplus budgets
If the proposed expenditure is less than the planned revenue from taxation and other miscellaneous receipts, this is a surplus budget. Usually, surplus budgets are not presented for they are deflationary and can create unemployment as the government takes out of the economy more than it puts back.
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the caseabove.
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Usually, elasticity of a demand curve throughout its length isn't the same (Fig. below). It varies between 0 and ∞, or in other words, 0 ≤ e p ≥ ∞ In some cases, though, the
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PROPORTIONAL TAX Is where whatever the size of income, the same rate or same percentage is charged. Examples are commodity taxes like customs, excise duties and sales tax.
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Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
(a) Define and explain, using diagrams, consumers' surplus; producers' surplus and total surplus that a society can derive from production and consumption of a good at a particu
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