Microeconomics 18th Edition by Campbell McConnell, Stanley Brue, Sean Flynn

Exercise 7

THE PRICE OF GOLD-TODAY, YESTERDAY, AND THROUGHOUT THE YEAR Visit www.goldprices.com and use the chart to fi nd the very latest price of gold. Compare that price to the price at the beginning of the day. Next, select "1 year" at the bottom of the chart. What was the highest price during the last 12 months The lowest price Assume the price fluctuations observed resulted exclusively from changes in demand. Would the observed price changes have been greater or less if the gold supply had been elastic rather than inelastic Explain.