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Category: Economics
A storm destroys half the fava bean crop. Is this event more likely to hurt fava bean farmers if the demand for fava beans is very elastic or very inelastic? Explain.
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Category: Economics
If a fixed quantity of a good is available, and no more can be made, what is the price elasticity of supply?
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Category: Economics
What do we call a good with an income elasticity less than zero?
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Category: Economics
If demand is elastic, how will an increase in price change total revenue? Explain.
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Category: Economics
If the elasticity is greater than 1, is demand elastic or inelastic? If the elasticity equals zero, is demand perfectly elastic or perfectly inelastic?
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