Microeconomics

posted by .

1. Demand can be perfectly elastic or inelastic.Discuss.
2. Discuss 3 main properties of indifference curves(15marks)
b) Describe marginal rate of substitution.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Ecconomics

    Price elasticity of demand.Tell whether is elastic,perfectly inelastic,perfectly elastic, inelastic,or unit elastic. And what would happen to total revenue if a firm raised its price in each elasticity range identified.a.Ed=2.5 b.Ed=1.0 …
  2. Microeconomics

    1. The utility function is given by: U=x+y and the budget line is x+2y=100. Then the price of good x goes up to 4. Find the Hicksian substitution effect, income effect, and total change in demand for good x from the change --- Ok i …
  3. MicroEconomics (please help)

    Can someone please help me with the following questions?
  4. home economics

    Suppose that 200 gallons of gasoline are demanded at a particular price. If the price drops by 1 percent, the quantity demanded of gasoline increases to 200.5 gallon. which of the following statement is true?
  5. economics

    Wheat farmers in Kansas would benefit from a devastating crop failure in N.Dakota if the U.S.demand for wheat?
  6. Calculus (demand)

    18) The demand equation is x + 1/6p - 10+0. Compute the elasticity of demand and determine whether the demand is elastic, unitary, or inelastic at p=50. a) 5; elastic b) 1/9; inelastic c) 7/6; elastic d) 6; elastic I choose answer …
  7. calculus

    18) The demand equation is x + 1/6p - 10+0. Compute the elasticity of demand and determine whether the demand is elastic, unitary, or inelastic at p=50. a) 5; elastic b) 1/9; inelastic c) 7/6; elastic d) 6; elastic I choose answer …
  8. Economics

    Supply is Demand is Scenario A elastic elastic Scenario B elastic inelastic Scenario C inelastic elastic Scenario D inelastic inelastic Which scenario describes the market for oil in the long run?
  9. Microeconomics

    4a. In the market for hand-made guitars, when the price of guitars is $800, annual revenues are $640,000. When the price falls to $700, annual revenues decline to $630,000. Over this range of guitar prices, is the demand for hand-made …
  10. ECON

    Assume that a consumer’s indifference curve is bowed outward but satisfies the other three properties of indifference curves. As the consumer moves from left to right along the horizontal axis, the consumer’s marginal rate of substitution

More Similar Questions