Suppose the government levies a tax of $0.50 per pack on the buyers of cigarettes. suppose also that the price elasticity of demand for cigarettes is 1.2 and the price elasticity of supply is 0.7. after this tax is levied, total surplus will , and the price received by producers (not including the tax) will ,a. increase increase by exactly $0.50b. decrease fall by exactly $0.50c. increase fall by less than $0.50d. decrease fall by less than $0.50e. increase increase by more than $0.50

Danny "dimes" donahue is a neighborhood's 9-year-old entrepreneur. his most recent venture is selling homemade brownies that he bakes himself. at a price of $2 each, he sells 100. at a price of $1.5 each, he sells 300. instructions: round your answer to 1 decimal place. a. what is the elasticity of demand? 3.50 â± 0.1 . b. is demand elastic or inelastic over this price range? . c. if demand had the same elasticity for a price decline from $1.5 to $1 as it does for the decline from $2 to $1.5, would cutting the price from $1.5 to $1 increase or decrease danny's total revenue? .

Ben collins plans to buy a house for $166,000. if the real estate in his area is expected to increase in value by 2 percent each year, what will its approximate value be five years from now?

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