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Homework Answers
Answer 1:
Price elasticity of demand :the the response of quantity demand to changes in price.
Elasticity measures the responsiveness of change in quantity demanded with a change in price. This enables us to understand what type of good it is , and how much demand can change of price of the good changes.
Answer 2
∆Qd : the change in value of quantity demand
In the price elasticity formula ∆ represents change; and Qd represnts quantity demanded.
Answer 3
∆Q/∆P can be replaced with 1/slope of the demand curve.
The slope of the demand curves is the ∆P/∆Q. The price is in the y-axis and the q is in the x-axis
Answer 4
Inelastic demand : when the percentage change in quantity demand is smaller then the percentage change in price.
This results in an elasticity less than 1 as numerator is less than the denominator.
( First 4 questions done, please consider to upvote if you find it useful )
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