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(Last Word) List the four motivating factors behind significant tax changes as found by Romer and
Romer.
Price Effect
The change in consumption resulting from a change in the price of a good or service, influencing consumer behavior.
Student Tuition
The fee or payment required for attending an educational institution, such as a college or university.
Total Revenue
The total income a business receives from selling its goods or services, calculated as the quantity sold multiplied by the price.
Midpoint Formula
In economics, it is often used to calculate the price elasticity of demand by comparing the percentage change in quantity demanded to the percentage change in price.
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