Siteadmin, Bureaucrats, Check users, nsAm_Govt_101RO, nsAm_Govt_101RW, nsAm_Govt_101_ta, nsJudgesRO, nsJudgesRW, nsJudges_talkRO, nsJudges_talkRW, nsTeam2RO, nsTeam2RW, nsTeam2_talkRO, nsTeam2_talkRW, oversight, Administrators
125,789
edits
Changes
Jump to navigation
Jump to search
Line 103:
Line 103: + + + + + +
Economics Homework Final Answers - Student Three (view source)
Revision as of 20:41, February 17, 2010
, 20:41, February 17, 2010explaining ...
Ok, so I looked at the ones I got wrong, and I could not figure out or find the answers to 32, 42, 46, or 49. Could you help me out with those ones? --[[User:TrishaM|TrishaM]] 15:28, 17 February 2010 (EST)
Ok, so I looked at the ones I got wrong, and I could not figure out or find the answers to 32, 42, 46, or 49. Could you help me out with those ones? --[[User:TrishaM|TrishaM]] 15:28, 17 February 2010 (EST)
:32: P is on the vertical axis, and Q is on the horizontal axis. If the good is extremely (or perfectly) elastic, then a small change in price causes a huge in Q. That must be a horizontal line. Similarly, imagine a perfectly inelastic good: it doesn't matter what the price is, the Q is the same. That's a vertical line.
:42: If you like hamburgers twice as much as chicken, then you'll require for a trade that someone give you two chicken meals in exchange for one hamburger. Graph that trade-off and see that its slope is -0.5, with chicken on the x axis.
:Will explain other two later. Please confirm that you fully understand the two I just did explain. Thanks.--[[User:Aschlafly|Andy Schlafly]] 15:41, 17 February 2010 (EST)