The graph below illustrates three demand curves. $70 60 gg중 Prica 40 30 D1 D2 20 10 03 80 240 400 560 720 Quantity per day Refer to the graph above to answer this question. Which of the following statements is correct? O Demand curve D3 is the most inelastic demand. O Equilibrium price must be $50. If price is $30 and demand is D3 then the quantity demanded is 720 units per day. ◇ Demand curve D₁ is more inelastic than D3. O Demand curve D1 is perfectly elastic.

The graph below illustrates three demand curves. $70 60 gg중 Prica 40 30 D1 D2 20 10 03 80 240 400 560 720 Quantity per day Refer to the graph above to answer this question. Which of the following statements is correct? O Demand curve D3 is the most inelastic demand. O Equilibrium price must be $50. If price is $30 and demand is D3 then the quantity demanded is 720 units per day. ◇ Demand curve D₁ is more inelastic than D3. O Demand curve D1 is perfectly elastic.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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