micro 6

micro 6 - Nate Neroni Microeconomics Ch 6 HW 1. The choice...

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Nate Neroni Microeconomics Ch 6 HW 1. The choice between 1000-8000 movie tickets makes no difference when determining elasticity because elasticity is defined as the responsiveness of consumers to price change. Therefore consumers will still be responsive to price no matter how many tickets they are able to choose from. 4. A. decline B. declines C. decrease D. increase E. increases F. increase G. unchanged 5. The detriments of price elasticity of demand are substitutability, proportion of income, luxuries vs necessities, and time. A. elastic B. inelastic C. elastic D. elastic E. elastic F. inelastic 6. It would make the elasticity of demand for dormitory space inelastic. This might cause room rates to rise. 7. The elasticity of supply for this picture would be inelastic since there is only 1. The original is valuable because people do not want a forged painting, they want the original one and there is only 1 that “truly” exists.
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This note was uploaded on 03/03/2008 for the course ECON 203 taught by Professor Al-sabea during the Fall '05 term at USC.

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micro 6 - Nate Neroni Microeconomics Ch 6 HW 1. The choice...

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