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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Suppose that the demand for product A is perfectly inelastic and that the buyers of A get the funds to pay for it by stealing.

  1. a. If the supply of A decreases, what happens to its price?
  2. b. What happens to the amount of crime committed by the buyers of A?

(a)

To determine

Identify the changes in price.

Explanation

Commodity A has perfectly inelastic demand. Hence, it does not increase or decrease, respectively, with the fall or rise in its price...

(b)

To determine

Explain about the amount of crimes committed by the buyers of Good A.

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