The ability to shift a tax burden depends on the relative elasticities of demand and supply for the taxed commodity

You are participating in a reality show in which you and several other competitors have been taken to an unknown place and asked to find your way to a destination using a map . You were doing a good job until you reached a crossroad

Confused as to which way to take, you decided to take the road that most of your competitors chose. a) What is the term that is used to refer to such behavior? b) Why do people often behave in this way?

Assume an analyst has been hired to estimate the price elasticity of demand for hamburger (which sells for about $2.30 per pound) and filet mignon (which sells for about $20 per pound), respectively

Considering the different determinants of the price elasticity of demand and assuming the consumers in both markets have approximately the same incomes, we would expect the coefficient of price elasticity of demand in absolute value to be: A) larger for hamburger than for filet mignon. B) larger for filet mignon than for hamburger. C) approximately the same for both hamburger and filet mignon. D) none of the above because different determinants would have opposing effects on the two estimates.