Question #1: The demand for LuLuLemon will be less elastic than the demand for athletic attire.
Question #2: A person that bears the incidence of a tax is the same person who hands over that tax money to the government.
Question #3: If all other variables are held constant, when the price of a good increases, producer surplus decreases.
Question #4: What is the equation utilized to calculate income elasticity?
A. %𝚫P / %𝚫Q
B. %𝚫I / %𝚫Q
C. %𝚫in price of related good / %𝚫in Demand
D. %𝚫Q / %𝚫I