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Theme 1, Market and Market Failure > 1.2.3 Price, Cross And Income Elasticity of Demand > Flashcards

1.2.3 Price, Cross And Income Elasticity of Demand Flashcards

1
Q

What does Elasticity of demand show?

A

Shows how sensitive the quantity demanded is to a change in price

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2
Q

What is inelastic demand?

A

Quantity demanded is insensitive to a change price (ex: milk, gasoline)

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3
Q

What is elastic demand?

A

Quantity demanded is very sensitive to a change in price (ex: soda, jewellery)

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Theme 1, Market and Market Failure (4 decks)

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