Homework (Ch 05) - 5. The variety of demand curves

The following graph displays four demand curves (PP, QQ, RR, and SS) that intersect at point V. ? 200 180 180 140 120 V 100 D PRICE (Dollars per unit) 40 R 20 S 20 40 80 80 100 120 140 180 180 200 QUANTITY (Units) Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement True False Between points V and W, curve PP is perfectly inelastic. O O Curve QQ is less elastic between points V and X than curve RR is between points V and Y. O O Between points V and X, curve QQ is elastic. O O