MGEA02H3 Study Guide - Quiz Guide: Price Elasticity Of Demand, Demand Curve, Economic Equilibrium

• School: UTSC
• Department: Economics for Management Studies
• Course: MGEA02H3
• Professor: Jack Parkinson

Document Summary

Mgea02 introduction to microeconomics: a mathematical approach. Topic 4 (week of sept 26) elasticity & taxation. Coverage: measuring and understanding the elasticity of demand and of supply. How a sales tax will affect a market. The importance of the elasticity of demand and supply in determining the incidence and excess burden of a sales tax. Review of the concepts of consumer surplus and producer surplus. Also read supplement a (available on the blackboard site) on excise taxes and elasticity. Do all the check your understanding questions within the parts of the text in the assigned readings. Answers for these are at the back of the textbook. Chapter 7: q3, 6, 10, 12, 13, 17-19. The diagram below shows the demand for toothpicks in toronto per month. What is the elasticity of demand for toothpicks at point a? (a) (g) (m) (s) none of the above (e) (k) (q) (c) (i) (o) (d) (j) (p) (b) (h) (n) (f) (l) (r)