ECON 101 Lecture Notes - Lecture 6: Normal Good, Demand Curve, Inferior Good
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Elastic, inelastic, and unit-elastic demand. The following graph shows the demand for a good.
For each of the regions, use the midpoint method to identify whether the demand for the good is elastic, approximately unit elastic, or inelastic.
Region | Elastic | Inelastic | Unit Elastic |
Between Y and Z |
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Between X and Y |
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Between W and X |
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True or false. The value of the price elasticity of demand is equal to the slope of the demand curve.