a. Compare the effect of a $1,000 tax on cars with the effect of a 10 percent
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a. Compare the effect of a $1,000 tax on cars with the effect of a 10 percent tax on cars. Which tax is likely to have the same impact on the demand for cars (in percentage terms) no matter which year it was imposed?
b. What does your answer imply about the relative advantages of using slopes or elasticities to predict the impact of a price change?
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a Due to inflation the 1000 represents a smaller per...View the full answer
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