Question
When the price is $66 a unit, demand is perfectly elastic. Draw the demand curve for...
When the price is
$66
a unit, demand is perfectly elastic. Draw the demand curve for this good. Label it
D1.
When the quantity demanded is
99
million units a year, demand is perfectly inelastic.
Draw the demand curve for this good. Label it
D2.
When the price is
$1212
a unit, the quantity demanded is
33
million units a year, and demand is unit elastic.
Draw the demand curve for this good. Label it
D3.
Homework Answers
Answer #1
When P=$66 , demand is perfectly elastic , which means demand curve is represented by a horizontal line.
When Qd= 99 million units , demand is perfectly inelastic , which means demand curve is represented by a vertical line at 99 million units.
When P=$1212 , Qd=33 million units , demand is unit elastic , it is represented by the downward sloping line and the price -quantity combination is at the mid-point of the line.
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