What proportion of the economy was produced under conditions of elastic demand, as found by Blinder's...
What proportion of the economy was produced under conditions of elastic demand, as found by Blinder's survey?
About 50%
About 83%
About 5/6ths
About 1/6th
Homework Answers
According to Blinder, goods prices are sticky and do not fully adjust to change in demand. Since the elasticity of demand is the ratio of the percentage change in quantity demanded and percentage change in prices, the elasticity of demand is high in general. Therefore, about 5/6th or about 83% of the goods are produced under conditions of elastic demand.
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