The following graph displays four supply curves (HH, II, ]], and KK) that intersect at point…
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Question “The following graph displays four supply curves (HH, II, ]], and KK) that intersect at point…”
The following graph displays four supply curves (HH, II, ]], and KK) that intersect at point A. PRICE (Dollars per unit) 0 40 80 120 280 320 300 400 100 200 240 QUANTITY (Units)
Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement Between points A and B, curve II is perfectly inelastic. True 0 False 0 Between points A and D, curve J is inelastic. Curve KK is more elastic between points A and C than curve DJ is between points A and D.
Answer
a) It is true, the curve is a straight line and will be considered perfectly inelastic.
b) False. The curve that is closer to the horizontal line will be considered elastic.
False. It is more elastic because curve AC is more vertical.
Conclusion
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