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Using the data shown in the table below about demand for smart phones, calculate the price elasticity of demand from point B to point C , point D to point E , and point G to point H . Classify the elasticity at each point as elastic, inelastic, or unit elastic.
Transcript. Learn about the price elasticity of demand, a concept measuring how sensitive quantity is to price changes. Elasticity is calculated as percent change in quantity divided by percent change in price. Elastic situations have elasticity greater than 1, while inelastic situations have elasticity less than 1.
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An interesting case of price elasticity of demand is a demand curve with a constant unit elasticity. Explore what such a demand curve would look like in this video.
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In this unit, you'll find out by focusing on the supply and demand model. How do changes in supply and demand create changes in market equilibrium? Power up your economics toolkit with the concepts of elasticity, surplus, and the impact of government policies.
Learn about normal and inferior goods in economics with a free educational video from Khan Academy.
Because consumers derive less satisfaction from consuming additional units of a good, they will only be willing to buy more of a particular good if the good's price decreases. In this way, the law of diminishing marginal utility helps explain the law of demand.
Explicação sobre a inelasticidade e elasticidade perfeitas da demanda.