Examlex
If price were lowered from $11 to $10 and quantity demanded rose from 87 to 89,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic;and find how much total revenue was when price was $11 and $10.
Average Tax Rate
The proportion of total income that is paid as tax.
Income Tax
A tax levied by a government directly on income, especially an annual tax on personal income.
Horizontal Equity
The principle that individuals in similar financial conditions should be treated equally by the taxation system.
Vertical Equity
A principle in taxation that states taxpayers with a greater ability to pay should contribute more in taxes.
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