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ECONOMICS
Representative
Sam Johnson: "Working to Reduce Your Tax Burden" I believe that our current tax code is economically destructive, impossibly complex, and overly intrusive. It has impeded our ability to create jobs, encourage savings and investment, and realize the American dream. This is illustrated by the fact that our current tax code has grown from 11,000 words to over 7 million. According to West Publishing, who is an official publisher of the tax code, it takes two volumes and 1,168 pages to publish the
code, plus, an additional 6,439 pages of Federal Tax Regulations that apply to income taxes. To make it easier to comply with these regulations, the IRS has created about 480 forms with an additional 280 to explain how to fill out the 480. I think this is ridiculous. That is why this system should not be changed, but replaced... What is Representative Johnson's point of view on tax policy?
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When the percentage change in the quantity supplied is less than the percentage change in price the supply is?
Supply is price elastic when the percentage change in quantity supplied is greater than the percentage change in price, and supply is price inelastic when the percentage change in quantity supplied is less than the percentage change in price.
When the percentage change in the quantity demanded is less than the percentage change in price then demand is quizlet?
Demand is inelastic when the percentage change in quantity demanded is less than the percentage change in price, so the price elasticity is less than 1 in absolute value.
When percentage change in quantity demanded is less than the percentage change in price the demand curve is a flatter B steeper C rectangular D horizontal 1 point?
Explanation: Demand is said to be inelastic, When the demand for a good is less responsive to its price. In this case, the percentage change in the demand for a good is less than the percentage change in its price and |ed| < 1. The demand curve in such situations is steeper.
When change in demand is less than change in price is called as?
Example of Price Elasticity of Demand
Finally, if the quantity purchased changes less than the price (say, -5% demanded for a +10% change in price), then the product is deemed inelastic.