1THE UNIVERSITY OF BRITISH COLUMBIA1. Admin: iClicker Registration and Class Liaison (Wei Yi Shen)2. Using Supply and Demand 3. Government Intervention4. Introduction to Elasticity5. Arc Elasticity6. Point Elasticity7. Summary and Next Class Managerial EconomicsClass 2 –Tuesday, Sept. 14THE UNIVERSITY OF BRITISH COLUMBIAUsing Supply and Demand:Clicker Question 1.a)Tomatoes are a substitute for avocados.b)An increase in income would have a similar effect on demand.c)An increase in the price of a complement would have a similar effect on demand.d)All of the above.e)a) and b).The diagram shows the effect of an increase in the price of tomatoes on avocado demand.Which statement is true?
This preview has intentionally blurred sections.
Sign up to view the full version.