TRUE OR FALSE: Graphically, in the money market, the money supply is represented by a downward sloping curve – reflecting higher levels of money…
September 3, 2020
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September 3, 2020

b). (7 points) On the following page plot the demand curve for the electricity in Graph 1 and the total revenue curve in Graph 2. (2 points for D curve; 2 points for TR curve; 1 each for the 3 ‘highlights’ for a total of 5 points)

·        Highlight with blue the elastic section of the demand curve and the corresponding section of the total revenue curve.

·        Highlight with red the unitary elastic section of the demand curve and the corresponding section of the total revenue curve.

·        Highlight with green the inelastic section of the demand curve and the corresponding section of the total revenue curve.

Graph 1

Graph 2

c). (8 points) Complete the following summary table: (1 off for each incorrect answer up to 6)

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KM
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