the sensitivity of client to price changes. When demand is elastic over there is a big change in quantity need even when little change in price. When demand is inelastic over there is a little change in amount demanded when there is a big change in price.

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Elasticity: The percentage readjust in amount demanded is ____ than the percentage adjust in price. If price increases total revenue will: If price decreases full revenue will: because that ELASTIC
Elasticity: The percentage adjust in quantity demanded is ____ than the percentage readjust in price. If price increases complete revenue will: If price decreases full revenue will:INELASTIC
Elasticity: The percentage change in amount demanded is ____ than the percentage adjust in price. If price increases full revenue will: If price decreases full revenue will:
UNTI ELASTIC The percentage change in quantity demanded is ____ than the percentage readjust in price. If price increases total revenue will: If price decreases full revenue will:
Explain why making use of the steep of a demand curve alone is not enough to measure up elasticity and also how the elasticity transforms as you move along a linear demand curve.
Elasticity changes along a demand curve. Requirements tend to be more elastic in top left part of need and an ext inelastic in the lower right portion. The slope of a curve mirrors absolute changes and also elasticity mirrors relative or percent changes
List the major determinants of price elasticity that demand and also how each influences the elasticity the demand.
Substitutes- the more options in the sector the much more elastic demand will be. Fewer substitutes will make need inelastic.Proportion of Income- greater proportion of income makes demand an ext elastic. Lower is inelastic. Luxuries vrs necessities- Luxuries are an ext elastic if the need for necessities is inelastic. Time- much more time obtainable for consumer makes the demand more elastic. Less time= inelastic.
the much more options in the market the much more elastic demand will be. Under substitutes will certainly make demand inelastic.
measures exactly how sensitive firms are to price changes. When supply is elastic small changes in price will cause firms come greatly adjust quantity. As soon as supply is inelastic those price transforms will not adjust quantity supplied.

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how easily producers can transition resources in between different uses. The an ext quickly the higher the supply elasticity.
there is sufficient time to change output by boosting or increasing the variable inputs however not the fixed. Somewhat elastic