




Card 2 / 11:
Describe the general appearance of a demand or a supply curve with zero elasticity.
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Questions & Answers
Please any Ghanaian schooling at KNUST?
combining factors of production is the role of
the situation in economic where by a more valuable good is sold at a low price while less valuable good is sold at a higher price .how can we describe this situation in economic
Fung
price discrimination
Fayaz
price discrimination
Citizen
causes of high elasticity of demand
causes of high elasticity of supply
Onyango
what is optimazation
lepekola
what is trade offs
lepekola
A tradeoff is a situational decision that involves diminishing one quality, or property of a design in return for gains in other aspects.
Addin
what is indifference curve ?
abdullah
its represnted by the loops of points and gives same level of satisfaction
hisham
what is enterpreneurship
Kukoyi
Entrepreneurship is the talent, knowledge and willingness individual has to engage in an activity that can result in new kind of firm
Addin
what is the short run industry supply curves?
james
I think there' s a mistake. P =  0.4 + 0.2Qs is the supply curve and not the demand curve. Am I correct?
Qs is quantity supplied
The
this eaquation is supply curve Qs=P0.4 the relationship is positive when the price increase the Qs increase....
mukhtaar
since Qs is quantity supplied
P= 0.4 + 0.2Qs
=>P +0.4=0.2Qs
=>P/0.2 + 0.4=Qs
I made Qs the subject of the formula or equation.
So your answer is correct
The
P = 0.4 + 0.2Qs is the same as
P/0.2+0.4=Qs
Price has a direct relationship with the quantity supplied i.e the higher the price the higher the quantity supplied.
that is why it is +0.4(this is the quantity and it is postive) and P/O.2(is the price and it is positive).
The
For the demand equation let me give an example 0.2P0.4=Qd. Here the P is postive(+0.2) and the quantity which is O.4 is negative( because of the negative sign() there is an inverse relationship between price and quantity. For quantity demanded the higher the price the lower the quantuty.
The
It's how I understand it
The
0.2P0.4=Qd. the equation is wrong because the price have direct ralationship Quantity demanded but the correct equation is0.2P 0.4=Qd
so the higher price the lower Quantity
mukhtaar
I think the relationship is inverse because of the negative sign()
The
ok You mean the price and quantity demanded should be negative(inverse relationship) for Qd and the price and quantity supplied should be postive(direct relationship) for Qs
The
thank you for the correction
The
yes because it got a positive gradient of +0.2
Michael
This is the mistake I found: "Since P is on the vertical axis, it is easiest if you solve each equation for P. The demand curve is then P = 8 – 0.5Qd and the demand curve is P = –0.4 + 0.2Qs. Note that the vertical intercepts are 8 and –0.4, and the slopes are –0.5 for demand and 0.2 for supply."
Valeria
dear price do not depend on quantity. rather quantity depends on price. so the equation should be Qty=0.2Px0.4
Michael
please can someone generate supply equation for me
where p is price, Pr is price of related goods, G is goals of a firm E is supplier's future expectation of prices,Z is other related factors, Pf is cost of factors of production.
The
the coefficient of price must be positive since supply curve is positively slopping
Kotey
diagram of perfectly inelastic
chisquare test is used to test
A. Analysis of variance
B. Association between the qualitative variables
C. Difference between means of two distribution drawn from the same population
D. Difference between the means of two distribution drawn from different population
the Answer Should Be D
Amanuel
The answers is D
Lawrence
is the system that study the difference between resources and the growth population
Messi
Economics studies humanbehaviour as a relation between ends and scarce means which have alternative uses
Kotey
rigth .....but economic has different concepts
Messi
it is that point where price is equal to output or rather a point where demand is equal to supply
Fung
it is a point where consumer get maximum satisfaction
and producers maximise profit or minimise loss
Imtiyaz
supply equal demand in one point
Messi
it's a point where supply and demand meets/equal whether profit or loss
deany
how to compute budget constraint
how to calculate balance of payment deficit
Fung
How to calculate National income
Obed
what is indifference curves
abdullah
what,how and for whom to produce
those are problem that producer face in the process of production due to scarcity
Richman
a particular selected product is produced in a systematic hygiene condition and is produced for the customers.
Madhu
what are the factors of economic growth?
tax, imports and exports, etc
deany
Explain the paradox of poverty in the midst of plenty?
total production diagram explain
what is the formula of price elasticity demand
%change in Quantity demand/%change in price
how
%change QD / %change P
Addin
How can hight interest rate affect the level of GDP?
simple because of high interest it become revenue for our nation and it self it also rise our national income or GDP
Madhu
Source:
OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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