Elasticity
Elasticity is the extent to which one variable responds to another variable.
- Created by: louise o'donovan
- Created on: 29-12-10 19:13
Other questions in this quiz
2. With price elasticity, if demand has changed by a smaller percentage than the price, the good is said to be:
- Price inelastic
- Demand driven
- Price elastic
3. How do you work out percentage change?
- New data - old data/old data x 100
- Old data - new data x 100
4. Cross elasticity meausres the responsiveness of demand for one good to a change in the price of another good.
- True
- False
5. Income elasticity of demand is a negative number when the good is normal
- False
- True
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