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There are different models for measuring the effects of high temperature and humidity. One of these is the Summer Simmer Index (S) , given by , where T is the air temperature (in degrees Fahrenheit) and H is the relative humidity (expressed as a decimal) .
In a certain city, the measured temperature and humidity on a given day are:
Maximum: with 47% humidity
Minimum: with 78% humidity
Calculate the Summer Simmer Index S for both the maximum and minimum temperatures.
Tax Increases
Governmental action to raise the amount of money collected from taxes, often affecting income, sales, or property taxes.
Deadweight Loss
An inefficiency in the market where the total surplus of producer and consumer is not maximized due to factors like taxes or subsidies.
Elastic Demand
A situation where the quantity demanded of a good or service significantly changes in response to a change in price.
Equilibrium Price
The price at which the quantity of a product offered is equal to the quantity of the product in demand.
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