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Numerical elasticity of function a

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Reference no: EM133125899

The functions on a Marshallian Cross are as follows:

That on function A, P0 = 80, Q0 = 20; and P1 = 20, Q1 = 40.

And on function B, P0 = 80, Q0 = 40; and P1 = 20, Q1 = 20.

- At what price would the two functions be in equilibrium? Blank 1. Fill in the blank, read surrounding text.

- At equilibrium, what quantity would be sold? Blank 2. Fill in the blank, read surrounding text.

- The numerical elasticity of Function A is 0.555 (True or False) Blank 3. Fill in the blank, read surrounding text.

- What is the verbal elasticity of Function A? Blank 4. Fill in the blank, read surrounding text.

- The numerical elasticity of Function B is 0.555 (True or False) Blank 5. Fill in the blank, read surrounding text.

- What is the verbal elasticity of Function B? Blank 6. Fill in the blank, read surrounding text.

- Function A is probably a supply curve or a demand curve? Blank 7. Fill in the blank, read surrounding text.

- Function B is probably a supply curve or a demand curve?

Reference no: EM133125899

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