<< Chapter < Page Chapter >> Page >
  • Card 7 / 18:
    From the data shown in about supply of alarm clocks, calculate the price elasticity of supply from: point J to point K, point L to point M, and point N to point P. Classify the elasticity at each point as elastic, inelastic, or unit elastic.

    From point J to point K, price rises from $8 to $9, and quantity rises from 50 to 70. So:

  • Keyboard Shortcuts

    Previous Card ← Previous Card Button
    Next Card → Next Card Button
    Flip Card // Return / Space

Questions & Answers

what is a clearing house
barry Reply
so can we conclude that mircoeconomics is a under marcoeconomics
Florence Reply
l don't understand that part please teach me
gideon
what is monopoly
Pop Reply
what is the role that the government can play
Caroline Reply
what is a subsidy
Caroline
subsidy is government help to producers that reduces cost of production .
Pop
subsidy is government help to producers that reduces cost pf production
Pop
money is anything money can buy discuss
Patrick Reply
what is equilibrium price
Bismark Reply
when demand price and supply price are equal
Asit
what is equilibrium
Ashiq
When supply and demand are equal in one point is equilibrium
learn
equilibrium of price is that price at which the quantity of goods demanded is equal to the quantity supplied
Samuel
what is a portable
Eeme Reply
able to be carried or easily moved......just movie okay
Amadou
2) One of the major assumption of the classical school is A) Lack of aggregate demand causes involuntarily unemployment B) Governments fiscal operations can reduce unemployment C) Unemployment and inflation can exist together D) Economy will be in full employment equilibrium in the long run
Ajay Reply
explain the scope of economics
Bhimshi Reply
Inflation occurs in a country due to what causes?
Daniel Reply
Lack of natural resources management
Kosiso
scarce of natural resources
Eeme
What is demand
TECK Reply
the amount of a good that buyers are willing and able to purchase
Asit
what is population
Amadou Reply
The people living within a political or geographical boundary.
Ziyodilla
what happens to price and quantity when demand curves shift to the right
Asha Reply
price level goes up. quantity demand increases
Asit
example- inferior goods
Asit
demand law
Athony
Its states that higher the price the of the commodity, and lower the quantity demanded
Kosiso
I am confused but quantity demand will increase.
Asit
No. That's the law of supply
Kosiso
the price goes down and quantity demanded increases
esther
Price goes down Demand quantity increases
Daniel
choice arises because of scarcity of resources
Umar
what happens to price and quantity when supply curve shifts left?
Asha Reply
price level will increase
Asit
quantity demand will decrease
Asit
what is inflation
Pop Reply
inflation is a general and ongoing rise in the level of prices in an entire economy.
cynthia
is the pasistance increase in the price of a country economy
Liyu
kk
Duppy
yes
Aadi
how does inflation affects the economy of a country? what is deflation?
Augustine
deflation can simply be define as the persistence decrease in price of a countrys economy
Liyu

Get the best Principles of economics course in your pocket!





Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
Flash Cards plugin by Curtis Blackwell github.com/curtisblackwell/flash_cards
Google Play and the Google Play logo are trademarks of Google Inc.

Notification Switch

Would you like to follow the 'Principles of economics' conversation and receive update notifications?

Ask