Elasticity of Supply and Demand
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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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