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Economics Lecture Three (view source)

Revision as of 18:29, August 11, 2009

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==Assignment==
 
==Assignment==
   −
Read and, if necessary, reread the above lecture.  Complete the homework assignments through the level in which you choose to enrol in this course:
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Read and, if necessary, reread the above lecture.  Complete the homework assignments through the level in which you choose to enroll in this course:
    
<need to update these questions>
 
<need to update these questions>
   −
1. In a free market, the responsiveness of demand to a change in price is known as its ____________.
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1. Give an example of a good that has little change in demand even when its price increases substantially.
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2. The demand for some goods decreases more when the good increases in price, compared to the decrease in demand for other goods that have a price increase. What term is used to describe how much the demand decreases when the price increases?
    
2. A good that is addictive often has (elastic or inelastic) demand for it.  Choose the correct answer.  
 
2. A good that is addictive often has (elastic or inelastic) demand for it.  Choose the correct answer.  
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