I need help with this question. I think the customer will carry the burden but not sure. I believe the answer has something to do with elasticity as well. Not sure how to tie it all together.
Who would bear the brunt of a national sales tax on tobacco products? Why?
The customer would bear the brunt of national sales tax on tobacco products. This is because tobacco ...
The solution answers the questions below in detail.
Short answer questions in economics: economics, market economy, command economy,supply and demand
Questions (also attached):
1) What is economics?
2) What types of things are considered in economics? What is not?
3) What role does economics play in your personal decisions?
4) What are the advantages of a market versus a command economy?
1. What is the difference between the shift of and a movement along the demand curve?
2. What is the difference between the shift of and a movement along the supply curve?
3. How do shortages and surpluses develop?
4. What types of shortages and surpluses affect you either personally or in your work environment?
2. Answer the following questions:
a. What causes the changes in supply and demand?
b. How do shifts in supply and demand affect your decision making?
c. List four key points in the study of economics.