The "paired observation" of (-10, -6 ) means
A) x = -10, y = -6.
B) x = -6, y = -10.
C) that the distance between the two points will be 16.
D) the origin is at -10 and -6.
Answer: A
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Which of the following is a close approximation of the price elasticity of demand for health care?
a. 0.2 b. 0.8 c. 1.8 d. 4.0
Suppose the demand curve for a good is highly elastic and the supply curve is highly inelastic. If the government taxes this good,
a. buyers and sellers will each share 50 percent of the burden, regardless of the elasticities of the demand and supply curves. b. sellers will bear a larger share of the tax burden. c. the distribution of the burden will depend upon whether the buyers or the sellers are required to send the tax to the government. d. buyers will bear a larger share of the tax burden.