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Unit Four Essay

In: Business and Management

Submitted By mclary28
Words 895
Pages 4
[Title Here, up to 12 Words, on One to Two Lines]
ECON212-1503B-05
Professor Chavarria
CTU Online
Author Note
Unit 2 Individual Project

What is the price elasticity of demand? The price elasticity of demand is a measure of the relationship between a change in the quantity demanded of a particular good and a change in it’s price. Price elasticity of demand is often used when discussing price sensitivity. The formula for calculating price elasticity is % change in quantity demanded / % change in price. What is elastic and inelastic demand? Elastic demand is the degree to which a demand or supply curve reacts to a change in price which is the curves elasticity. However; elasticity varies among products because some products are more essential to customers. For instances, products that are more on a necessities level are more insensitive to changes in price because of the fact that costumers are continuing to buy these products. A price increase of a product that is considered less of a necessity will not have customers buy because cost of buying the product will become high. Inelastic demand is used to describe situations in which supply and demand for a good or service is unaffected when the price of that good or service changes. Meaning that when prices go up, costumers buying stays the same, but when price goes down, buying habits also remain unchanged. The price of a laptop increases 20% and there is a 40% decrease in quantity demanded. If a laptop increases 20% and there is a 40% decrease in quantity demanded would be -2. This meaning that it would be inelastic because the absolute value of elasticity is less than 1. If the price of a pack of cigarettes increase by 10% and there is a 5% drop in quantity demanded then the price elasticities of demand would be -0.5. This meaning it would be inelastic because the absolute…...

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