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Chapter 4

Econ 1000 chapter 4 study guide short answer problems.docx

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Environmental Studies
ENVS 1200
Rebecca Jubis

Econ 1000 chapter 4 study guide short answer problems 1. Slope is constant throughout the entire curve while elasticity changes as the magnitudes changes. the midpoint can be found and sections of elastic and inelastic and be examined. 2. Iphone before is inelastic because there are few substitutes. After it is more elastic because there are many more options to choose from. B. Television set is elastic because it is a luxuary or a normal good, while matches are relatively inelastic because it is a necessity or even an inferior good. C. Elasticity immediately would be inelastic because consumers has not had the time to react to the change. However as time increases consumers can adjust to the price and thus make substitutes making the option much more elastic. D. Generic pain killers are inelastic because there are no substitutes or really close ones,
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