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Fish Results – ECO 284. Dr. D. Foster – Fall 2003. Plot of all fish data – both oceans. All the points line up to show… Demand !!!. The data points show equilibrium . . . Supply is vertical!. And the elasticities?. Elasticity of Demand from end points: (1300-350)/825 - PowerPoint PPT Presentation
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Fish Results – ECO 284
Dr. D. Foster – Fall 2003
Plot of all fish data – both oceans
Quantity Line Fit Plot
$17.00
$17.50
$18.00
$18.50
$19.00
$19.50
$20.00
$20.50
$21.00
0 250 500 750 1000 1250 1500
Pri
ce
All the points line up to show…Demand !!!
Quantity Line Fit Plot
$17.00
$17.50
$18.00
$18.50
$19.00
$19.50
$20.00
$20.50
$21.00
0 250 500 750 1000 1250 1500
Pri
ce
Demand
The data points show equilibrium . . . Supply is vertical!
Quantity Line Fit Plot
$17.00
$17.50
$18.00
$18.50
$19.00
$19.50
$20.00
$20.50
$21.00
0 250 500 750 1000 1250 1500
Pri
ce
Demand
Supplies
And the elasticities?
Elasticity of Demand from end points:
(1300-350)/825
(17.80-20.50)/19.15
= -6.3
Elasticity of Supply = infinity
Fish Results – ECO 284
Dr. D. Foster – Fall 2003
