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Elastic and inelastic price - Assignment Example

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This particular paper discusses the impact of a change in supply on two products whose price elasticity of demand is elastic for the first product and inelastic for the second. If the demand curve is elastic the resulting change in the amount of the product supplied will be…
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Elastic and inelastic price
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Elastic and inelastic price

Download file to see previous pages... The change in the price of diagram A is P2-P1 and the change in the quantity is Q2-Q1. The change in the amount of the product supplied is greater than the change in the price (Q2-Q1) (P2-P1). The change in the price of diagram B is Pb2-Pb1 while its change in the quantity is Qb2-Qb1. The change in the quantity supplied is smaller than the change in the price (Qb2-Qb1) (Pb2-Pb1). If the two diagrams are compared, the change in price of diagram A is less than the change in price of diagram B (P2-P1) (Pb2-Pb1). The change in the amount of product supplied in diagram A is greater than that of diagram B (Q2-Q1) ...Download file to see next pagesRead More
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