Textbook Notes (368,875)
Canada (162,227)
Economics (294)
ECON 103 (100)
Ryan Allen (18)
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ECON103 Problem Set 3.pdf

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Department
Economics
Course
ECON 103
Professor
Ryan Allen
Semester
Spring

Description
U NIT4Chapter 4: Problems 8, 10, 30 ECON 103 Section C100 C HAPTER 5 Problem #8: In William Bennet’s response to suggesting that drugs should be made legal, he is assuming that the average elasticity is unitary. Problem #10: It is true that “the demand to view the Mona Lisa painting is completely inelastic because there is only one, and the artist is long dead”. This is because inelastic demand is defined as “small numbers of substitutes” and “small budget shares”. Since the artist is dead and there is only one
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