Question: 1.Define and give an example of a common resource. Without government intervention, will people use this good too much or too little? Why? 2.How do

1.Define and give an example of a common resource. Without government intervention, will people use this good too much or too little? Why?

2.How do the elasticities of supply and demand affect the deadweight loss of a tax?

Demonstrate them with figures. What does it mean in practice for government policies?

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