Examlex
Lisa consumes only pizzas (P)and burritos (B).Her utility function is U = P0.5 B0.5.The price of per pizza is $10 and the price per burrito is $5.In equilibrium,Lisa consumes 4 pizzas.Using Lisa's utility function,calculate how many burritos she consumes.
Burden Of The Tax
The impact of a tax on the economic welfare of individuals, showing who ultimately bears the cost of the tax.
Excise Tax
A direct tax placed on manufactured goods, and is often levied at the time of manufacture, rather than at sale.
Inelastic Supply
A market condition where the quantity supplied of a good does not change significantly when its price changes.
Inelastic Demand
The case in which the price elasticity of demand is less than 1.
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