Draw an inelastic supply curve, give an example of a good with a relatively inelastic supply?...

Question

Question

Draw an inelastic supply curve, give an example of a good with a relatively inelastic supply?
Draw an elastic supply curve, give an example of a good with a relatively elastic supply?
Draw an inelastic demand curve, give an example of a good with a relatively inelastic demand?
Draw an elastic demand curve, give an example of a good with a relatively elastic demand?
How do we define elasticity when:
1. the elasticity is 1
2. the elasticity is 1.5
3. the elasticity is 0.4
4. the elasticity is 0
5. the elasticity is infinity

Answer 1

Answer #1

Answer 2

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