ECON 302 Study Guide - Midterm Guide: Marginal Cost, Externality, Fixed Cost
Document Summary
T h i s e x a m h a s t w o ( 2 ) p a r t s . T h i s e x a m i s o u t o f e i g h t y ( 8 0 ) p o i n t s . 3 9 p o i n t s t o t a l . 4 1 p o i n t s t o t a l . D u r a t i o n : 9 6 m i n u t e s. In your description of each quantity, use the word indifferent . [note: these quantities should be different in general, but equal in this case. : [7] write down the definition of price elasticity, and show that the demand curve (where >0) has constant elasticity .
