For each of the following statements, state the relevant
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For each of the following statements, state the relevant elasticity and state what its value should be (negative, positi
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For each of the following statements, state the relevant elasticity and state what its value should be (negative, positive, greater than one, zero, and so on). a. The supply of labor is inelastic but slightly backward-bending. b. The demand for BMWs in an area increases during times of rising incomes just slightly faster than income rises. c. The demand for lobsters falls when lobster prices rise (ceteris paribus), but the revenue received by restaurants from the sale of lobsters stays the same. d. Demand for many goods rise when the price of substitutes rise. e. Land for housing development near Youngstown, Ohio, is in plentiful supply. At the current price, there is essentially an infinite supply
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