Change the Percent to a Fraction or a Mixed Number $55 \frac { 1 } { 3 } \%$

question 62

Essay

Change the percent to a fraction or a mixed number in lowest terms. $55 \frac { 1 } { 3 } \%$

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Definitions:

Inelastic

Describing demand that does not change significantly when the price of a good or service changes.

Excess Burden

The cost to society created by market inefficiency, particularly through the misallocation of resources or distortions in the market.

Excess Burden

The cost to society created by market inefficiency, often associated with the distortionary effects of taxes and subsidies.

Tax Revenue

The income that is gained by governments through taxation, used to fund public services and government obligations.