tag:blogger.com,1999:blog-22097549.post114115364707732411..comments2023-11-03T03:37:19.021-05:00Comments on The World of AP Econ: More on ElasticityKMhttp://www.blogger.com/profile/07723156884341428020noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-22097549.post-1141421474884552662006-03-03T15:31:00.000-06:002006-03-03T15:31:00.000-06:00No one's gonna catch Nate on that one? Okay. I w...No one's gonna catch Nate on that one? Okay. I will. :)<BR/><BR/>Nate, that's not the right elasticity. <BR/><BR/>Anyone else?<BR/><BR/>kmKMhttps://www.blogger.com/profile/07723156884341428020noreply@blogger.comtag:blogger.com,1999:blog-22097549.post-1141409022794890822006-03-03T12:03:00.000-06:002006-03-03T12:03:00.000-06:00The TRTest is (should be) much easier than the coe...The TRTest is (should be) much easier than the coefficient - so yes, you all have that right in regards to the TR questions.<BR/><BR/>For Nicki - if D is elastic, with the info given, yes, you can assume that the good is elastic in that instance - it may change if more info is given.<BR/><BR/>Long run - over time it is always more elastic because of price.KMhttps://www.blogger.com/profile/07723156884341428020noreply@blogger.comtag:blogger.com,1999:blog-22097549.post-1141408907600903242006-03-03T12:01:00.000-06:002006-03-03T12:01:00.000-06:00For #5 - yes, Reid - when you graph it, you get th...For #5 - yes, Reid - when you graph it, you get the "E". If he will buy just $10, no matter what quantity that would be, there would be a horizontal D curve at $10 - making it perfectly price elastic. Good job!KMhttps://www.blogger.com/profile/07723156884341428020noreply@blogger.comtag:blogger.com,1999:blog-22097549.post-1141270477428915692006-03-01T21:34:00.000-06:002006-03-01T21:34:00.000-06:001. The total revenue goes down. because you said...1. The total revenue goes down. because you said so in class. (demand is elastic if P and TR do opposite things)<BR/>2. Beacause in the long run they will have more options because they can change things, in the short run they have to use what they've got because of the time factor.mrsmichelleadamshttps://www.blogger.com/profile/14562885726793731659noreply@blogger.com