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Elasticity of Supply and Demand

Last updated over 8 years ago

5 Nsɛmmisa

Hyɛ no nsow a efi ɔkyerɛwfo no hɔ:

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

1

Asemmisa {{asɛmmisaAhyɛnsode}}

1.

Draw a relatively elastic demand curve.

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2.

Draw a relatively inelastic supply curve.

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3.

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

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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.

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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.

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