Analysis of property tax records and income tax returns in four California counties (used to measure differentials related to Proposition 13 assessment provisions) indicates that less mobile (elderly and lower income) homeowners tended to benefit most.

Introduction: what is economics -- The key principles of economics -- Demand, supply, and market : "equilibrium" -- Elasticity : a measure of "responsiveness" -- Production technology and cost -- Perfect competition -- Monopoly and price discrimination -- Market entry, monopolistic competition,...