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When is a proportional hazard model (Cox) used?
Price Elasticity
A measure indicating how much the quantity demanded of a good responds to a change in its price, often illustrating the sensitivity of demand to price changes.
Relatively Elastic
Characterizes a situation where the quantity demanded of a good or service changes significantly due to a small change in price.
Excise Tax
A tax directly levied on certain goods, services, and activities such as tobacco, alcohol, and gambling.
Tax Structure
Specifies how a tax depends on the tax base; usually expressed in percentage terms.
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