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Economics Lecture Three (view source)
Revision as of 15:53, September 28, 2009
, 15:53, September 28, 2009→Assignment: corrected question 4
3. A nearly perfectly elastic demand curve is nearly ________ in shape; a nearly perfectly inelastic demand curve is nearly __________ in shape.
3. A nearly perfectly elastic demand curve is nearly ________ in shape; a nearly perfectly inelastic demand curve is nearly __________ in shape.
4. '''''Why''''' is the name "necessity" given to a good that has a price elasticity of less than one, and the name "luxury" given to a good that has a price elasticity of more than one?
4. '''''Why''''' is the name "necessity" given to a good that has an income elasticity of less than one, and the name "luxury" given to a good that has an income elasticity of more than one?
5. What is a substitute for french fries, and what is a complement for them?
5. What is a substitute for french fries, and what is a complement for them?