ECON 102 Study Guide - Quiz Guide: Demand Curve, Midpoint Method
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Elastic, inelastic, and unit-elastic demand. The following graph shows the demand for a good.Ā
For each of the regions, use the midpoint method to identify whether the demand for the good is elastic, approximately unit elastic, or inelastic.
RegionĀ | ElasticĀ | Inelastic | Unit Elastic |
Between Y and Z |
|
Ā | Ā |
Between X and Y |
|
Ā | Ā |
Between W and X | Ā | Ā |
|
True or false. The value of the price elasticity of demand is equal to the slope of the demand curve.Ā
Ā