ECON 201

Ball state university

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ECON 201 Exam 1 (Ball State University) Questions & Answers: Updated Solution
  • ECON 201 Exam 1 (Ball State University) Questions & Answers: Updated Solution

  • Exam (elaborations) • 22 pages • 2025
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  • What is a necessity good? (Ans- when the IED is less than 1. What is a luxury good? (Ans- when the IED is greater than 1. Cross Price Elasticity of Demand (CPED) (Ans- (% change in Qd of good 1) / (% change in P of good 2) What is perfectly inelastic? (Ans- when the supply or demand elasticity equals 0; the curve is a vertical line. What is inelastic? (Ans- when supply or demand elasticity is less than 1 What is unit elastic? (Ans- when supply or demand elasticity equals 1What is ela...
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