Tutor profile: Ben R.
Find the second derivative of the function f (x) = 3x^5 + 2x +92.
f (x) = 3x^5 + 2x + 92 f' (x) = 15x^4 +2 f'' (x) = 60x^3 Therefore, the second derivative of f (x) is 60x^3.
Describe the difference in the graphs of a specific tax versus an ad valorem tax (both indirect taxes).
An indirect tax is levied on the producer of a good, and, depending on the relative price elasticities of demand and supply, the tax incidence (i.e., who pays the tax) will land on the producer or the consumer. A specific tax refers to a set amount, while an ad valorem tax refers to a percentage of the sale price. Therefore, a specific tax will shift the supply curve to the left, while keeping it parallel to the original. An ad valorem tax, however, will not only shift the supply curve left but also increase the slope (make it steeper), since a higher price means a higher value of the tax charged since it is a percentage of the sale price.
List the five "groups" comprising cyclic flow model.
Households/consumers, firms/producers, the financial sector, the government sector, and the foreign sector.
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