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11 Cards in this Set
- Front
- Back
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DWL |
Tax (Qe-Qat) /2 |
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How to calculate TS in equilibrium? |
Top base - low base x Equilibrium Quantity /2 |
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Midpoint Method |
Q2-Q1 / Q2+Q1/2
/ P2-p1 / P2+p1/2 |
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Point slope formula |
P and Q at Equalibrium |
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Tax incidence formula |
Back (Definition) |
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How to find maximum surplus with minimum wage! Explain the process |
Insert the minimum wage onto the graph. You will subtract that by the last number that starts the graph. That number will be A. B will be The tax sometimes you can find this by going to the minimum wage number going across the grass until you reach the line then go down and count those boxes. Then age will be the quantity number going down |
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In the formula Ps=6+2.5Q, what is the base number and what is the slope?
What is producer formula? |
Base is 6 and slope is 2.5
P-B * Eq/12 |
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How to verify which curve is more elastic? What formula? |
Back (Definition) |
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If you have to calculate DWL but did not have the Qat, what would be the formula? |
You want to add the tax to the PD formula for example if Pd was 54-1.5Qd and the tax was 12,
It should be 54-12-1.5Q Then! You would take this and make it equal to the Ps function |
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How to find cross price elasticity? What is the similar formula? |
Back (Definition) |
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What does a tariff do to a price? |
Increases! |
