Topic 2: Exchange: elasticities; surplus; welfare
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Last updated 12:46 PM on 3/25/26
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9 Terms
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Price Elasticity of Demand Equation
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On a linear demand curve, what does elasticity tend to as qd→0
Negative infinity
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On a linear demand curve, what does elasticity tend to as p→0
0
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Formal incidence (tax)
Upon the entity which is responsible for remitting the tax, typically the supplier
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Effective incidence (tax)
Upon the entity which bears the economic cost
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