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Elasticity of Supply and Demand

Last updated almost 8 years ago

5 questions

Note from the author:

This is for a 100 level Economics class in Micro-Economics.

1

Question 1

1.

Draw a relatively elastic demand curve.

1

1

1

1

Question 2

2.

Draw a relatively inelastic supply curve.

Question 3

3.

If using the cross price elasticity of demand formula you get a negative number then the goods must be compliments.

True

False

Question 4

4.

If using the income elasticity of demand formula and you get a number that is greater than 0 the good is called a normal good.

True

False

Question 5

5.

The difference in operating in the long run or the short run is that in the short run one of the variable is fixed.

True

False