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Class 2-20100 - Managerial Economics Class 2 Tuesday Sept...

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1 THE UNIVERSITY OF BRITISH COLUMBIA 1. Admin: iClicker Registration and Class Liaison (Wei Yi Shen) 2. Using Supply and Demand 3. Government Intervention 4. Introduction to Elasticity 5. Arc Elasticity 6. Point Elasticity 7. Summary and Next Class Managerial Economics Class 2 –Tuesday, Sept. 14 THE UNIVERSITY OF BRITISH COLUMBIA Using 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?
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