Microeconomics
Microeconomics
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.
- a. If the supply of A decreases, what happens to its price?
- b. What happens to the amount of crime committed by the buyers of A?
(a)
Identify the changes in price.
Commodity A has perfectly inelastic demand. Hence, it does not increase or decrease, respectively, with the fall or rise in its price...
(b)
Explain about the amount of crimes committed by the buyers of Good A.
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