ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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13. The variety of supply curves
The following graph displays four supply curves (LL, MM, NN, and OO) that intersect at point V.
100
90
80
70
PRICE (Dollars per unit)
8
Ô
60
30
20
10
0
4+
N
W
Y
+
*
V
M
L
N
M
0 10
N+
20 30 40 50 60 70
QUANTITY (Units)
स
80 90 100
(?
Using the graph, complete the table that follows by indicating whether each statement is true or false.
Statement
Between points V and X, curve LL is elastic.
Between points V and Z, curve MM is perfectly inelastic.
Curve LL is more elastic between points V and X than curve 00 is between points V and Y.
True False
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Transcribed Image Text:13. The variety of supply curves The following graph displays four supply curves (LL, MM, NN, and OO) that intersect at point V. 100 90 80 70 PRICE (Dollars per unit) 8 Ô 60 30 20 10 0 4+ N W Y + * V M L N M 0 10 N+ 20 30 40 50 60 70 QUANTITY (Units) स 80 90 100 (? Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement Between points V and X, curve LL is elastic. Between points V and Z, curve MM is perfectly inelastic. Curve LL is more elastic between points V and X than curve 00 is between points V and Y. True False
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