1. Draw an inelastic supply curve, give an example of a good with a relatively inelastic supply?
2. Draw an elastic supply curve, give an example of a good with a relatively elastic supply?
3. Draw an inelastic demand curve, give an example of a good with a relatively inelastic demand?
4. Draw an elastic demand curve, give an example of a good with a relatively elastic demand?
5. How do we define elasticity when:
   1. the elasticity is 1
   2. the elasticity is 1.5
   3. the elasticity is 0.4
   4. the elasticity is 0
   5. the elasticity is infinity

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To address your questions lets start by understanding the concepts of elastic and inelastic supply and demand curves Supply Curve An inelastic supply curve represents a situation where the quantity su... View the full answer