Suppose the Market for Grass Seed Can Be Expressed As

question 30

Essay

Suppose the market for grass seed can be expressed as:
Demand: Q_D = 100 - 2p
Supply: Q_S = 3p
Price elasticity of supply is constant at one.If the demand curve is changed to Q = 10 - .2p,price elasticity of demand at any given price is the same as before.Yet the incidence of a tax falling on consumers will be higher.Why?

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Definitions:

Machine Learning

A subset of artificial intelligence involving algorithms and statistical models that enable computers to perform specific tasks without explicit instructions, based on pattern recognition and inference.

Artificial Intelligence

The simulation of human intelligence processes by machines, especially computer systems, including learning, reasoning, and self-correction.

Smart Plug

An electrical plug that can be controlled remotely using a smartphone app, allowing for automation and monitoring of electrical devices.

Reinforcement Learning

A type of machine learning where an agent learns to make decisions by taking actions in an environment to achieve some rewards.