3. If the equation for a demand curve is P=45-3Q. What is the elasticity in moving from a quantity of 5 to a quantity of
Posted: Sun Jul 03, 2022 1:00 pm
3. If the equation for a demand curve is P=45-3Q. What is theelasticity in moving from a quantity of 5 to a quantity of 6? (1point)
4. The equation for a demand curve is P=4/Q. What is theelasticity of demand as price falls from 5 to 4? (1 point)
5. The equation for a supply curve is 2P=Q. What is theelasticity of supply as price rises from 3 to 4? (1 point)
6. CenturyLink Field has 80,000 seats. What is the shape of thesupply curve for tickets to football games at this stadium?Explain. (1 point)
7. Would you expect supply to play a more significant role indetermining the price of a basic necessity like food or a luxuryitem like a watch? Explain. (2 points)
4. The equation for a demand curve is P=4/Q. What is theelasticity of demand as price falls from 5 to 4? (1 point)
5. The equation for a supply curve is 2P=Q. What is theelasticity of supply as price rises from 3 to 4? (1 point)
6. CenturyLink Field has 80,000 seats. What is the shape of thesupply curve for tickets to football games at this stadium?Explain. (1 point)
7. Would you expect supply to play a more significant role indetermining the price of a basic necessity like food or a luxuryitem like a watch? Explain. (2 points)