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5.1B Elasticity Review

Last updated about 3 years ago

6 Nsɛmmisa

1

Asemmisa {{asɛmmisaAhyɛnsode}}

1.

In regular human everyday language, what is elasticity again?

1

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2.

What kind of elasticity is shown here for supply?

1

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3.

1

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4.

In plain language, what does it mean when elasticity is greater than 1?

1

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5.

When price changes a little bit...

flat line.

quantity demanded changes very little.

Quantity demanded changes A LOT!!!

1

Asemmisa {{asɛmmisaAhyɛnsode}}

6.

In these scenarios, when price changes...

quantity demanded does not change a lot in comparison.

please! No more, Mr. Joo.