Elasticity of Supply and Demand
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Last updated almost 8 years ago
5 questions
Note from the author:
This is for a 100 level Economics class in Micro-Economics.
1
Draw a relatively elastic demand curve.
Draw a relatively elastic demand curve.
1
Draw a relatively inelastic supply curve.
Draw a relatively inelastic supply curve.
1
If using the cross price elasticity of demand formula you get a negative number then the goods must be compliments.
If using the cross price elasticity of demand formula you get a negative number then the goods must be compliments.
1
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.
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.
1
The difference in operating in the long run or the short run is that in the short run one of the variable is fixed.
The difference in operating in the long run or the short run is that in the short run one of the variable is fixed.