The following graph displays four demand curves (PP, QQ, RR, and
SS) that intersect at point V. A graph with price in dollars per
unit on the y-axis and quantity of units on the x-axis plots 4 line
segments, P P from (30, 100) to (170, 100), Q Q from (40, 140) to
(160, 60), R R from (60, 160) to (140, 40), and S S from (100, 30)
to (100, 170). The graph also plots five points: V (100, 100) is
the intersection of all four line segments. W (70, 100) is on line
segment P P. X (70, 120) is on line segment Q Q. Y (80, 130) is on
line segment R R. Z (100, 130) is on line segment S S.
020406080100120140160180200200180160140120100806040200PRICE
(Dollars per unit)QUANTITY (Units)VWXYZPPQQRRSS Using the graph,
complete the table that follows by indicating whether each
statement is true or false. Statement True False Between points V
and W, curve PP is unit elastic. Curve RR is less elastic between
points V and Y than curve QQ is between points V and X. Between
points V and Y, curve RR is inelastic.
