Problem 2: Chuck, Michael and Hakeem are three retired basketball players. They

Question

Problem 2: Chuck, Michael and Hakeem are three retired basketball players. They determine that in Madison there is demand for private basketball coaching. The demand and supply curves for private basketball coaching are Qd = 50 ? 0.5? P and QS = P ?10 respectively. (1) Find the equilibrium price and quantity (2) What is the price elasticity of demand at the equilibrium calculated in part (1)? Is demand for basketball coaching elastic or inelastic? (3) Calculate the price elasticity of demand on the segment (arc) of the demand curve between the prices of $20 and $40 (4) What is the price elasticity of supply calculated at the equilibrium calculated in part (2)? Is the supply of basketball coaching elastic or inelastic?

Explanation / Answer

But i'm not one of those people who think MJ being the best in an indisputable fact like others do. To me, there are a few players who have arguments for being the greatest player to ever play the game. And yes, Hakeem is one of them. Everything you said is true. To me, they both have arguments over the other. What you put, is the exact type of argument I would use for saying Hakeem is better than MJ.

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