ECN 351 Consumers and Producers Topic 3 Discussions GCU

ECN 351 Topic 3 DQ 1
Consider the market for white athletic socks, which consumers consider to be identical products. If the demand is very elastic and the supply is very inelastic, how would the burden of a new tax on athletic socks be shared between consumers and producers? What if the situation were reversed – a very inelastic demand and a very elastic supply? How would that change the way consumers and producers share the burden of the new tax? Justify your answer.
ECN 351 Topic 3 DQ 2

Does the United States’ labor supply tend to be more elastic or more inelastic? Explain the competing theories discussed in our textbook. Which seems more convincing to you? Explain your answer.
Economics homework help.

Still stressed from student homework?
Get quality assistance from academic writers!
Open chat
You can contact our live agent via WhatsApp! Via + 1 9294730077

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 30% with the discount code SOLVE