anyone who studies economics pleaseeeee help?

[Brian H]

hellllo i have 2 questions that i was hoping ya'll could help me solve....

1. Which of the following statements best captures the concept of deadweight loss?

A. "I would have been willing to pay more for a keg of beer than the supplier was willing to accept, but I'm not willing to pay enough to cover the tax."
B. "I would have sold a lot more beer if the price had not been so low."
C. "I would have consumed a lot more beer if the price had not been so high."
D. "The government will waste much of the tax revenue it collects."

2. Consider four markets for luxury yachts, Markets A, B, C, and D. The demand for yachts in Market A is perfectly elastic. In Market B the price elasticity of demand, as an absolute value, is 3. In Market C the price elasticity of demand, as an absolute value, is 0.25. Finally, the demand for yachts in Market D is perfectly inelastic.
The elasticity of supply in all four markets is identical across every level of quantity. Answer the following questions. If you wanted to lessen the efficiency costs of a specific government-imposed tax, upon which market would you impose the tax?



A. Market C

B. Market B

C. Market D

D. Market A