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Unformatted text preview: i) Price Ceiling ii) Price Floor iii) Market Surplus and Shortages IV. Elasticity A) Price Elasticity of Demand 1) Midpoint Formula for Percentage Changes 2) Inelastic & Elastic Demand 3) Determinants of Elasticity of Demand 4) Total Revenue & Elasticity B) Cross Price Elasticity 1) Compliments & Substitutes C) Income Elasticity of Demand 1) Normal & Inferior Goods D) Elasticity of Supply V. Governments and Markets (Regulation part 2) A) Taxes 1) Production & Sales Tax i) Buyer's Price and Seller's Price 2) Equivalence 3) Government Revenue 4) Tax Incidence and Elasticity B) Subsidies VI. Welfare and Surplus A) Consumer Welfare 1) Consumer Surplus B) Producer Welfare 2) Producer Surplus C) Dead Weight Loss 1) Taxes & Subsidies D) Efficiency of the Competitive Equilibrium...
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