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- Discuss: Why is the price elasticity of supply for commodities more INELASTIC than the elasticity of supply for manufactured goods? Ask the interwebs and see what you find. We will discuss. Draw a graph representing the supply and demand of an inelastic good and indicate what a shift in demand would do to the price of the good.
- The elasticity of the firm's demand curve is greater than the elasticity of market demand because it is easier for consumers to switch to another firm's What is the joint profit-maximizing level of output? How much will each firm produce? How would your answer change if the firms have not yet entered...
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