1) Please discuss price elasticities of demand and identify in elastic and elastic products.
2) please explain the components of the United States GDP in the impact of imports/ exports
3) please explain welfare economics please explain consumer surplus and producer surplus and how this model identifies an efficient economic model.
4) please explain how taxes will cause a deadweight loss and also the potential benefits of taxes to our society using welfare economics
5) please explain the conditions of both perfect competition and monopoly and also what rule does each market structure used to maximize profit
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