Elasticity of Supply and Demand

by Scott Symons| 5 Questions

Note from the author:

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

1

1

Draw a relatively elastic demand curve.

2

1

Draw a relatively inelastic supply curve.

3

1

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

True

False

4

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.

True

False

5

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.

True

False

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