Homework: Chapter 19 3. The variety of demand curves The following graph displays four demand curves (LL, MM, NN, and 00) that intersect at point A. 1* PRICE (Dellas perunt) 102 24 18 20 320 QUANTITY() 30 38 thing the graph complete the table that follows by indicating whether each statement is true or false. Statement between punts A and D, curve fN is elastic Curve N is less elastic between points A and D than curve MM is between points A and C. Between ponts A and B, curve a perfectly elastic True False O O O O O M
The variety of demand curves The following graph displays four demand curves (LL, MM, NN, and 00) that intersect at PRICE (Dollars per unit) 40 36 32 28 24 20 15 2 8 44 Statement M B 12 ↓ D + 0 0 16 20 24 28 QUANTITY (Units) N M 32 38 40 Using the graph, complete the table that follows by indicating whether each statement is true or false. Between points A and D, curve NN is elastic. Curve NN is less elastic between points A and D than curve MM is between points A and C. Between points A and B, curve LL is perfectly elastic. True O False O 0 B
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