Draw a demand curve, D 1 . Then draw a second demand curve, D 2 , that is less e
ID: 1250595 • Letter: D
Question
Draw a demand curve, D1. Then draw a second demand curve, D2, that is less elastic.
Draw a perfectly elastic demand curve and state its elasticity.
On the demand curve shown in Figure 5, label the curve where it is very elastic, unit elastic, and very inelastic.
If elasticity of demand is 2 and price is raised from $10 to $11, by what percentage will quantity demanded fall?
If elasticity of demand is 0.5 and price is lowered from $20 to $19, by what percentage will quantity demanded rise?
Figure 5 Draw a demand curve, D1. Then draw a second demand curve, D2, that is less elastic. Draw a perfectly elastic demand curve and state its elasticity. On the demand curve shown in Figure 5, label the curve where it is very elastic, unit elastic, and very inelastic. If elasticity of demand is 2 and price is raised from $10 to $11, by what percentage will quantity demanded fall? If elasticity of demand is 0.5 and price is lowered from $20 to $19, by what percentage will quantity demanded rise?Explanation / Answer
I'm not very good at sketching on Cramster. 1. D2 is steeper than D1, that's all. 2. Flat line. Elasticity is infinity. 3. Very elastic: top left; unit elastic: midpoint; inelastic: bottom right. 4. 20% 5. 2.5%
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