Class Notes (834,339)
Canada (508,495)
Economics (219)
ECON 1010 (102)
Lecture 44

ECON 1010 Lecture 44: Lecture 44
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Department
Economics
Course
ECON 1010
Professor
Laura K.Brown
Semester
Spring

Description
Oc78 1. The elasticities of supply and demand measure how much sellers and buyers respond to the changes in the price, and therefore determine how much the tax distorts the market outcome 1. The greater the elasticities of supply and demand, the greater the deadweight loss of a tax Deadweight Loss and Tax Revenue as Taxes Vary: 1. Taxes rarely stay the same for long periods of time 2. The deadweight loss of a tax rises even more rapidly than the size of the tax
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