Project #87672 - only two questions about econ

Due in three hours.

SECTION ONE:                     1 point

If you were using Utilitarianism to answer the question, please answer the question “Should the rich be taxed more to give to the poor?”  If precise, you should be able to answer this in a paragraph or two. Please answer, then explain your answer.

 

SECTION TWO:                    1.5  points

Here, you will provide short answers to a number of questions.

a) a) A group of moviegoers buy popcorn during a movie. Each person has an income of $110. At 25 cents an ounce, 12 ounces of popcorn are purchased during the movie.  A month later, each person has an income of $120 and 16 ounces of popcorn are purchased during the movie.

Calculate and show the income elasticity of demand for popcorn.What does this number mean?

b) Is popcorn a normal or inferior good? Explain.

c) Is the minimum wage a price ceiling or a price floor? Explain.

 

d) Is the minimum wage efficient or inefficient? Please explain fully your answer.

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Due By (Pacific Time) 10/18/2015 05:00 pm
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