Math Problem Statement

The following graph displays four supply curves (HH, II, JJ, and KK) that intersect at point A. 0 10 20 30 40 50 60 70 80 90 100 100 90 80 70 60 50 40 30 20 10 0 PRICE (Dollars per unit) QUANTITY (Units) A B C D E H H J J K K I I Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement True False Between points A and E, curve HH is perfectly inelastic.

Curve JJ is less elastic between points A and D than curve KK is between points A and C.

Between points A and C, curve KK is elastic.

Solution

To determine the truth of each statement based on the description of the graph, we need to analyze the elasticity of the supply curves (HH, II, JJ, and KK) based on their relative slopes. Here's a breakdown of each statement:

1. Between points A and E, curve HH is perfectly inelastic.

  • A perfectly inelastic supply curve means that the quantity supplied does not change regardless of price changes. A perfectly inelastic curve is vertical.
  • If curve HH is vertical between points A and E, this statement is true.
  • If HH is not vertical, this statement is false.

Conclusion: Based on the description of the graph, if HH is vertical, the statement is true. Otherwise, it is false.

2. Curve JJ is less elastic between points A and D than curve KK is between points A and C.

  • Elasticity refers to how much the quantity supplied changes in response to price changes. A steeper curve is less elastic (more inelastic), while a

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Math Problem Analysis

Mathematical Concepts

Supply and Demand Curves
Elasticity of Supply
Graphical Analysis

Formulas

Elasticity = (Percentage change in quantity supplied) / (Percentage change in price)

Theorems

Supply Curve Elasticity

Suitable Grade Level

Grades 11-12 (Economics and Advanced Mathematics)

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