Economics Worksheet Consider the Following Pairs of Essay

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Economics Worksheet

Consider the following pairs of goods. For which of the two goods would you expect the demand to be more price elastic? Why?

water or diamonds

insulin or nasal decongestant spray

gasoline over the course of a week or gasoline over the course of a year

In this situation, diamonds are the more luxurious item, whereas water is an absolute necessity. Because of their nature, diamonds would have much more elasticity in price because their demand may change much more drastically than water.

Nasal decongestant spray would have the more elastic price because there are many options and substitutes. However, insulin does not have any close substitutes and so it would not be as elastic.

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Gasoline becomes more elastic the longer the time duration is being examined. As with other products, elasticity increases as time does. Thus, gasoline over the course of a year is more elastic.

2.

a.

Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity. You may draw the graph by hand.

Price

Quantity Demanded Per Month

Quantity Supplied Per Month

$5

6,000

10,000

$4

8,000

8,000

$3

10,000

6,000

$2

12,000

4,000

$1

14,000

2,000

Price

Quantity (In thousands)

1 2-3 4-5 6-7 8-9-10-11 12-13 14

P4

Q8

S….....

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