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Velma passes Mort at a speed of 0.75c. At this speed, the "time dilation factor" is 1.5. In other words, Mort observes a 1- second tick of Velma's clock to take 1.5 seconds. Suppose that they are born at the same time, and that Mort observes himself to live 30 years. As Mort dies, how old will he observe Velma to be?
Excess Demand
A situation where the quantity demanded of a good exceeds the quantity supplied at a particular price, leading to a shortage.
Supply Function
A mathematical function that illustrates the quantity of a good that producers are willing and able to sell at different price levels.
Demand Function
A mathematical expression showing the relationship between the quantity demanded of a good and its price, along with other determinants of demand like income.
Quantity Tax
A tax levied on the quantity of goods sold, not on the value of sales.
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