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## Chapter 3 review for Intermediate Microeconomics

by: Nikki Notetaker

6

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# Chapter 3 review for Intermediate Microeconomics

Marketplace > Rowan University > > Chapter 3 review for Intermediate Microeconomics
Nikki Notetaker
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Chapter 3 review
COURSE
Intermediate Microeconomics
PROF.
Lauren Banko
TYPE
Class Notes
PAGES
1
WORDS
CONCEPTS
Economics
KARMA
Free

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This 1 page Class Notes was uploaded by Nikki Notetaker on Thursday March 3, 2016. The Class Notes belongs to at Rowan University taught by Lauren Banko in Fall 2015. Since its upload, it has received 6 views.

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Date Created: 03/03/16
to find the price elasticity of supply: plug in market price or quantity into equation and then once you have the market price and quantity, do p/q(coefficient on p) if that number is positive it will lead to an increase in price, then use the price elasticity*the percentage increase in price to find how much the quantity will rise If the government poses a specific tax, it will raise revenue if the curve is more inelastic because consumers are less sensitive to price. the equilibrium price after a specific tax will be the same whether the tax is collected from consumers or producers., therefore the same tax revenue is raised to determine the after tax equilibrium price: take the market demand equation and the after tax supply curve, set em equal, solve for p to find income elasticity, follow the same pattern as regular elasticity, but then plug in p/q(income coefficient) so plug in income/quantity(coefficient of income) cross price elasticity is positive=substitutes cross price elasticity is negative=complementary

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