Description
An Excel template is provided for your Problem Sets. Each problem is presented on a separate worksheet represented by the tabs at the bottom of the Excel worksheet.
You must submit only one Excel file for your Problem Sets. ***To receive full credit, all work must be shown and the final answer(s) must be highlighted in yellow, unless answers are derived from a graph and/or tables.***
Submit your completed assignment by following the directions linked below. Please check the Course Calendar for specific due dates.
Save your assignment as an Excel spreadsheet.
Explanation & Answer
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Principles of Economics
Name:
Date:
Question #1: Draw a perfectly inelastic supply curve.
Answer:
S
Price
P2
ES = 0
P1
Quantity
When supply is perfectly inelastic, supply is totally and perfectly irresposive to changes in price
Question #2: If elasticity of demand is 0.5 and price is lowered from $20 to $19, by what percentage
quantity demanded rise?
Answer:
ED
P1
P2
Percentage Ch...
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