ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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When I was studying Intermediate Microeconomics
recently, I found this statement: "For markets with
inelastic demand and supply curves, most movements
will be in prices, not quantity. For markets with elastic
demand and supply curves, most movements will be in
quantity, not price." Discuss whether this statement is
true, false, or uncertain use Intermediate
Microeconomic way. Please help me solve my doubts.
expand button
Transcribed Image Text:When I was studying Intermediate Microeconomics recently, I found this statement: "For markets with inelastic demand and supply curves, most movements will be in prices, not quantity. For markets with elastic demand and supply curves, most movements will be in quantity, not price." Discuss whether this statement is true, false, or uncertain use Intermediate Microeconomic way. Please help me solve my doubts.
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