Description of this paper

It is very difficult to find goods with perfect elastic

Description

solution


Question

It is very difficult to find goods with perfect elastic or perfectly inelastic demand. We can however find goods that lie near these extremes.;Characterize demands for the following goods as being near perfectly elastic or near perfectly inelastic and why;1) Corn grown and harvested by a small farmer in Iowa;2) Heroin for a drug addict;3) Water for a desert hiker;4) One of several optional textbooks in a pass-fail course

 

Paper#26536 | Written in 18-Jul-2015

Price : $22
SiteLock