In order to calculate consumer surplus in a market, we need to know willingness to pay and price

The deficit can be defined in simple terms as

A. tax receipts ? government expenditures + transfers. B. tax receipts + government expenditures + transfers. C. government expenditures + transfers ? tax receipts. D. government expenditures ? transfers ? tax receipts.

For most goods and services, income elasticity of demand tends to be smaller in the short run than in the long run. However, a recent study shows that the demand for a durable good such as automobiles tends to be more income-elastic in the short run than in the long run. Why?

What will be an ideal response?