Draw and label a straight-line demand curve and indicate its elastic and inelastic portions. Clearly indicate the point where the curve is unit elastic. You may need to draw the monopolist's marginal revenue curve.

***ahh not sure :( what would this look like? thank you!! :)

Question

Draw and label a straight-line demand curve and indicate its elastic and inelastic portions. Clearly indicate the point where the curve is unit elastic. You may need to draw the monopolist's marginal revenue curve. 

***ahh not sure :( what would this look like? thank you!! :)

jim_thompson5910 · Answer

this is a good template to work from http://www.dineshbakshi.com/as-a-level-economics/price-system-theory-of-firm/119-revision-notes/1730-straight-line-demand-curve

anonymous · Answer

ohh so i'll draw something like that? and just label points where the elasticity/inelasticity exists?

jim_thompson5910 · Answer

yes exactly

anonymous · Answer

okie!! what about the mr curve? is it just not necessary to include in this graph? :O

jim_thompson5910 · Answer

be sure to note that it says 

"it has a unitary elasticity at the midpoint"

"Any point above the midpoint has elasticity greater than 1"

"Below the midpoint elasticity is less than 1"

jim_thompson5910 · Answer

they just want demand right now

anonymous · Answer

okay:) and i will make sure to remember that!! :D yay, thank you so much!!! :D

jim_thompson5910 · Answer

np