Homework Help for Statistics (page 3)
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Demand is said to be price elastic if
the price of the good responds substantially to changes in demand.
buyers respond substantially to changes in the price of the good.
demand shifts substantially when income or the expected future price of the good changes.
buyers do not respond much to changes in the price of the good.
A tradeoff exists between a clean environment and a higher level of income in that
studies show that individuals with higher levels of income actually pollute less than low-income individuals.
efforts to reduce pollution typically are not completely successful.
laws that reduce pollution raise costs of production and reduce incomes.
by employing individuals to clean up pollution, employment and income both rise.
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