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5.1B Elasticity Review
By Mr. Yosup Joo
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Last updated almost 3 years ago
6 questions
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Question 1
1.
In regular human everyday language, what is elasticity again?
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Question 2
2.
What kind of elasticity is shown here for supply?
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Question 3
3.
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Question 4
4.
In plain language, what does it mean when elasticity is greater than 1?
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Question 5
5.
Question 6
6.
When price changes a little bit...
flat line.
quantity demanded changes very little.
Quantity demanded changes A LOT!!!
In these scenarios, when price changes...
quantity demanded does not change a lot in comparison.
please! No more, Mr. Joo.
