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Economics Homework Three - Model (view source)
Revision as of 03:40, September 30, 2009
, 03:40, September 30, 2009complete
:Nearly horizontal; nearly vertical. (Mary)
:Nearly horizontal; nearly vertical. (Mary)
:Perfectly elastic would be a horizontal line and perfectly inelastic would be a vertical line. (Caroline)
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 a price elasticity of less than one, and the name "luxury" given to a good that has a price elasticity of more than one?