WHAT IS ELASTICITY OF SUPPLY?, CONTINUED APPLICATION Mark It Up! 120 110 100 90 80 70 60 50 40 30 20 10 0 Steel and Steel Products Produced in the United States |||| 2001 2002 2000 Key 2003 Steel Steel products e: U.S. Geological Surve y Minerals Yearbook 7. Reread your notes on "What Affects Elasticity of Supply." On the bar graph, label the raw material. On the line below, list some examples of products the bar graph could include. 8. How did the supply of raw material and the supply of finished products change over the years shown in the bar graph? 9. Explain two ways the supplies of the two it shown on the bar graph could be interrela

ENGR.ECONOMIC ANALYSIS
14th Edition
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Author:NEWNAN
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Chapter1: Making Economics Decisions
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WHAT IS ELASTICITY OF SUPPLY?, CONTINUED
APPLICATION
Mark It Up!
Millions of metric tons
120
110
100
90
80
70
60
50
40
30
20
10
0
Steel and Steel Products
Produced in the United States
2000
2001
2002
Key
2003
Steel
Steel products
Source: U.S. Geological Surve y Minerals Yearbook
Date
7. Reread your notes on "What Affects Elasticity
of Supply." On the bar graph, label the
raw material. On the line below, list some
examples of products the bar graph could
include.
8. How did the supply of raw material and the
supply of finished products change over the
years shown in the bar graph?
9. Explain two ways the supplies of the two items
shown on the bar graph could be interrelated.
Transcribed Image Text:Name WHAT IS ELASTICITY OF SUPPLY?, CONTINUED APPLICATION Mark It Up! Millions of metric tons 120 110 100 90 80 70 60 50 40 30 20 10 0 Steel and Steel Products Produced in the United States 2000 2001 2002 Key 2003 Steel Steel products Source: U.S. Geological Surve y Minerals Yearbook Date 7. Reread your notes on "What Affects Elasticity of Supply." On the bar graph, label the raw material. On the line below, list some examples of products the bar graph could include. 8. How did the supply of raw material and the supply of finished products change over the years shown in the bar graph? 9. Explain two ways the supplies of the two items shown on the bar graph could be interrelated.
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