If a small change in price leads to a proportionally larger change in the quantity that people demand, we call that an elastic demand curve. This shows that consumers are highly sensitive to price changes. A perfectly elastic curve appears as a horizontal flat line. For example, if the price...
Draw a straight line demand curve. Show where it is unit elastic, inelastic, and elastic. Demand curve: In economics, the term demand curve refers to a graphical combination of a product price and its quantity demanded at a different price level. In other words, it usu...
Draw the graphs for the supply and demand curve. An increase in supply without any change in demand will cause the price to dip. How is this graphed? How do we draw the demand curve, if the demand is increasing? Draw a graph that shows a shift of the ...
Defference. AR curve in perfect competition is perfectly elastic due to uniformity in price whereas in monopoly, it is less elastic and downward sloping due to reduction in price.
Draw a graph of a perfectly elastic demand curve using price and quantity. Suppose the economy is in a long-run equilibrium. a. Draw a diagram to illustrate the state of the economy. Be sure to show aggregate demand, short-run aggregate supply, and long-run aggregate supply...
Answer to: Draw a supply-and-demand diagram with a tax on the sale of a good. Show the deadweight loss. Show the tax revenue. By signing up, you'll...
Question: Draw the IS and LM curves in the same figure. Solve for the equilibrium income (Y) and the interest rate (r). Fixed and variable cost: Fixed cost is the cost that occurs on land and variable cost is the cost that occurs on labor. To...
What are the main variables that cause a supply curve to shift and give an example of each.What is the law of supply? What are the main variables that cause a supply curve Explain the Law of Supply. What is an example of the Law of Supply? Draw s...