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ABILITY-TO-PAY PRINCIPLE: A principle of taxation in which taxes are based on the income or resource-ownership ability of people to pay the tax. The income tax collected by our friends at the Internal Revenue Service is one of the most common taxes that seeks to abide by the ability-to-pay principle. In theory, the income tax system is set up such that people with greater incomes pay more taxes. Proportional and progressive taxes follow this ability-to-pay principle, while regressive taxes, such as sales taxes and Social Security taxes, don't.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 15 of 25

Topic: Total Revenue <=PAGE BACK | PAGE NEXT=>

From these numbers you can see that:
  • One, as the price increases from 0 cents per minute to 10 cents per minute, total revenue values increase.
  • Two, as the price increases from 10 cents per minute to 20 cents per minute, total revenue values decrease.
  • Three, at the price of 10 cents per minute, total revenue is at its maximum value or $500,000.
A few conclusions:
  • Total revenue increases in the inelastic range of demand when they increase their price.
  • Total revenue increases in the elastic range of demand when they decrease their price.
  • Total revenue is at the maximum level at the unit elastic point.

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PRIVATE PROPERTY

An economic institution in which goods, resources, commodities, or other assets (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property is a key institution, along with individual freedom and competitive markets, that helps to form the structure of capitalism.

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Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for slightly overweight pizza delivery guys.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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