A. Consider the information on real-world price elasticities for ten countries. Why do you think the price elasticity of demand for food is higher in Tanzania than in the U. S.? What does this imply about food purchases in the U. S. and Tanzania?
B. The government wants to maximize its tax revenue. Revenue is equal to the amount of the tax times the quantity of goods sold (i. e., revenue Tax. Q). Which will provide more tax gasoline or a tax on restaurant meals? Why?
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Home » Business » Elasticity and Demand for Food A. Consider the information on real-world price elasticities for ten countries. Why do you think the price elasticity of demand for food is higher in Tanzania than in the U. S.