The total burden of a tax equals tax receipts plus excess burden.

If 50 units are sold at a price of $20 and 80 units are sold at a price of $15, what is the absolute value of the price elasticity of demand? Use the midpoint formula

A) 0.17 B) 0.62 C) 1.62 D) 5

Devaluation of a country's currency is likely to

a. raise the prices of imported goods b. reduce the prices of exported goods c. shift resources into production of exported goods d. raise all prices e. all of the above