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ECON 101 (111)
Lecture

Elasticity

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Department
Economics
Course
ECON 101
Professor
Robert Gateman
Semester
Fall

Description
Elasticity 09-24-2012 1. C 2. E 3. E 4. C 5. 6. D 7. E 8. Curve P Q Slope Elasticity D0 $10 20 1 ½ D1 $10 20 ½ 1 D2 $10 40 ½ ½ Remember: when using the slope in the point elasticity formula or arc elasticity formula, take the absolute value of the slope. Explanations  If the percentage change in price is greater than the percentage change in quantity demanded, demand is inelastic. o Small number/bigger number = very small number (or decimal value). E < 1 = inelastic  Which of the following commodities is most likely to have an elastic demand? o Toothpics o Cigarettes
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