At the Portland Fish Exchange, each day some amount of cod is brought to market, fresh off the boats. For our purposes, let's assume that the supply is inelastic at X amount. The quantity of cod caught and brought to market varies each day. Assuming the demand curve does not vary over time, please develop a supply and demand framework to illustrate how price is determined for different days.

Assume the supply becomes more elastic. Does this change the relationship if at all? If so, how? If not why not? Develop graph(s) and discussion points

Let's assume the supply has become more elastic. Does this change the relationship if at all? If not why, if so why? develop a graph to show and discussion points.

Answer rating: 100% (QA)

Let us assume a downward sloping demand curve and inelasti... View the full answer