Consider two markets that are similar in almost every way. Demand in one market is quite elastic though while demand in the other is quite inelastic. They have the same supply and the same equilibrium price and quantity. Suppose that the same size tax is placed on each market. Sort the effects of the tax based on their relative size in the different markets. If they are of equal size, leave the item unplaced. Pseller is the price the seller receives after the tax, Pbuyer is the price the buyer pays after the tax, and Qtax is the quantity produced after the tax. a. Smaller when demand is Elastic
b. Smaller when demand is Inelastic

1. P_seller
2. Producer surplus after the tax is imposed
3. Government Reveune
4. Qtax
5. P_buyer

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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