E202Exam1.5 - Graph the market for diamonds and the market...

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Chapter 4 9. (8 pts) Graph the demand curve for a cancer-fighting drug, without which lung cancer patients will die. What is the price elasticity of demand for such a drug? What, in general, determines the price elasticity of demand? 10. (6 pts)
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Unformatted text preview: Graph the market for diamonds and the market for water to show how it is possible for the price of water to be much lower than the price of diamonds even though the demand for water is much greater than the demand for diamonds....
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