Q1. Describe the idea of elasticity of the supply (es).
Q2. Describe the idea of consumer’s surplus and producer’s surplus.
Q3. Describe the concept of the Paradox of value.
Q4. Define the term tariff. Describe the idea if tariff is imposed as:
a) Specific tax
b) Advalorem Tax
Q5. Describe the idea of quota with ex.
Q6. Define the term tax. describe how would you describe the subsidy?
Q7. In brief describe the idea of price control and price support.
Q8. Describe which is more price elastic: cooking gas or Maggie Instant Noodles?
Q9. If the excise tax on cars is expected to drop then what will happen to the present market demand for cars?
Q10. For a giffen good, the demand curve is always positively sloped. True or false? Validate.