Textbook Notes (369,099)
Canada (162,378)
Economics (818)
ECON 2310 (47)
Chapter 15

Chapter 15 Intermediate Micro Notes

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Department
Economics
Course Code
ECON 2310
Professor
Johanna Goertz

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Description
Chapter 15 Economics SummaryMarket Interventions151 Taxes and SubsidiesIn Canada government imposes a goodsservices tax GST in some provinces and a harmonized sales tax HST in othersSpecific Tax is a fixed dollar amount that must be paid n each unit bought or sold Eg Gasoline tax10 cents per literAd Valorem Tax tax that is stated as aof the goods priceThe Burden of a Tax in a perfectly competitive market the burden of tax is shared by both consumersfirmsIncidence of tax indicates how much of the tax burden is borne by various market participants Depends on shapes of demandsupply curvesConsumers share of taxE supplyE supplyE demand Consumer bear the larger share of tax when demand is less elastic then supplyThe Welfare Effects of a TaxDeadweight loss the reduction of ag
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