Economics For Today
Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 5, Problem 5SQ
To determine

 The change in elasticity in a long run.

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Choose a good or service you are familiar with.  It should be something that is currently available for purchase.  If your classmates would be unfamiliar with this good or service, provide a brief description.   Initial Response: Complete all items below: 1) Choose the most likely demand shifter (the things that shift demand) for your product and explain why and how the demand curve is most likely to shift if there is a change in that demand shifter.  If the demand curve shifts in the way you are suggesting, what will happen to equilibrium price and quantity? 2) Choose the most likely supply shifter (the things that shift supply) for your product and explain why and how the supply curve is most likely to shift if there is a change in that supply shifter.  If the supply curve shifts in the way you are suggesting what will happen to equilibrium price and quantity? 3) If both the supply and demand curves shift in the way you suggested in #1 & #2 above, what will happen to equilibrium…
Which of the following statements is true? a. The more substitutes there are for a good the more inelastic will be its demand. b. If a good is largely purchased by the wealthy it tends to be elastic. c. The more time that has elapsed since a price change, the more elastic the demand will be for that good. d. All of the above are correct. e. Both a and b are correct. f. Both a and c are correct. g. Both b and c are correct. h. None of the above is correct.
The demand for a product is likely to be more elastic: A. when a product is a necessity. B. the less time that passes. C. when a product has more substitutes available. D. when the market for a product is less narrowly defined. E. both a and b.

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How To Understand Elasticity (Economics); Author: Market Power;https://www.youtube.com/watch?v=1XXhpHJTglg;License: Standard Youtube License