1. What are two economic arguments AGAINST legal rent
controls to keep rents below the equilibrium amount?
2. Explain why "toothpicks" are so
inelastic.
3. Airline travel is expensive. Then why is "airline
travel, short run," so very inelastic? Why is "Airline travel, long
run" so elastic?
4. Explain why "Legal services, short-run" are very
expensive, yet are inelastic.
5. Explain why "Automobiles, long -run" are inelastic
0.2, but "Chevrolet or Ford or Toyota or other make of automobile"
is...