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OpenStudy (anonymous):
Make up an example and show it to include the calculation. A. Law of demand B. Law of supply C. Price elasticity of demand
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OpenStudy (anonymous):
Start with a graph, which very succinctly explains all three of these concepts.
OpenStudy (anonymous):
How does the slope of the demand curve explain the law of demand? How does the slope of the supply curve explain the law of supply? How does the steepness of the demand curve (that is, the relationship of price to quantity demanded) explain elasticity of demand?
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