Whether price is elastic or inelastic

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Reference no: EM13176738

Price Quantity Supplied

$10 10

8 9

6 8

4 7

2 6

1. Refer to the above table. Over the $8-$6 price range, supply is:

a.inelastic

b.elastic

c.perfectly inelastic

d.perfectly elastic

2.The demand for a luxury good whose purchase would exhaust a big portion of one's income is:

a.perfectly price inelastic

b.perfectly price elastic

c.relatively price inelastic

d. relatively price elastic

Reference no: EM13176738

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