Thursday
October 23, 2014

Homework Help: economics

Posted by chris on Friday, July 9, 2010 at 12:25am.

Beach front resorts have an inelastic supply and automobiles have an elastic supply. Suppose that a rise in population doubles the demand for both products(that is the quantity demanded at each price is twice what it was)
a, what happens to the equilibrium price and quantity in each market?
b Which product experiences a larger change in price?
cWhich product experiences a larger change in quantity?
d What happens to total consumer spending on each product.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Economics - Beachfront resorts have inelastic supply, and automobiles have an ...
Microeconomics - Pharmaceutical drugs have an inelastic demand, and computers ...
Microeconomics - Pharmaceutical drugs have an inelastic demand, and computers ...
Mircoeconomics: Elasticity - Please help! I have a mid-term test in a couple of ...
Microeconomics (full version) - Pharmaceutical drugs have an inelastic demand, ...
home economics - Suppose that 200 gallons of gasoline are demanded at a ...
More Economics - I have an lazy instructor using test bank questions unrelated ...
economics - Identify three goods each for which your demand is (a) elastic or (b...
Economics are these correct - Are these correct? Thanks, Answer is next to ...
More Economics - I have an lazy instructor using test bank questions unrelated ...

Search
Members