in an election debate, two candidates for governor are debating about whether to raise the general sales tax from 5 to 7 percent. candidate a argues that this would increase tax revenues, enabling the state to maintain essential services. candidate b argues that the tax would hurt retailers and consumers, slowing down the economy so much that it would decrease tax revenues too. what assumptions must the candidates be making in order to justify their position?

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16-12-2022
Law

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in an election debate, two candidates for governor are debating about whether to raise the general sales tax from 5 to 7 percent. candidate a argues that this would increase tax revenues, enabling the state to maintain essential services. candidate b argues that the tax would hurt retailers and consumers, slowing down the economy so much that it would decrease tax revenues too. what assumptions must the candidates be making in order to justify their position?

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akursharma9034 akursharma9034 · Answer 1 · 2022-12-22T04:48:07-05:00

The quantity effect would be smaller than the price effect, according to Candidate A.

The price effect theory looks at how market prices impact consumer demand. When choosing the price to sell their goods and services at, businesses may find it helpful to analyse the pricing effect. When prices rise, buyers frequently purchase less, and when prices fall, they do the opposite. Instead of an abrupt change in supply, the influence on price is the result of a movement along the supply curve. An inward shift in demand leads to a decline in price and volume exchanged. How much the price and quantity will change from one equilibrium to another depends on the supply elasticity. James recently bought bonds from One Financial Corporation. He made a $2,000 investment to buy a current issue.

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