https://padlet.com/717300121/mh745mpzg2jw7pb4 en-us 2023-05-26 20:47:54 UTC 2023-05-28 16:50:34 UTC hello@padlet.com 717300121 https://padlet.com/717300121/mh745mpzg2jw7pb4/wish/2607134018 P1=$10 ,P2=$8
Q1=30, Q2=50
When the price decreases from $10 per unit to $8 per unit, the quantity sold increases from 30 units to 50 units.
Elasticity of demand=(Q1_Q2)/(Q1+Q2)/(P1_P2)/(P1+P2)= 2.25
2.25>1 (Elastic demand) ]]> 2023-05-28 11:25:56 UTC https://padlet.com/717300121/mh745mpzg2jw7pb4/wish/2607134018 717300121 https://padlet.com/717300121/mh745mpzg2jw7pb4/wish/2607134361 P1=$12 ,P2=$6
Q1=40, Q2=50 
When the price decreases from $12 to $6, the quantity demand increases from 40 to 50.
Elasticity of demand=(Q1_Q2)/(Q1+Q2)/(P1_P2)/(P1+P2)= 0.33
0.33<1 (Inelastic demand) ]]> 2023-05-28 11:27:25 UTC https://padlet.com/717300121/mh745mpzg2jw7pb4/wish/2607134361 717300121 https://padlet.com/717300121/mh745mpzg2jw7pb4/wish/2607135401 Elasticity of demand= 1% (Unitary Elastic) 
Unitary Elastic: a given percentage change in price leads to an equal percentage change in quantity demanded.]]> 2023-05-28 11:31:13 UTC https://padlet.com/717300121/mh745mpzg2jw7pb4/wish/2607135401 717300121 https://padlet.com/717300121/mh745mpzg2jw7pb4/wish/2607137264 The quantity demanded of a given good is sensitive to changes in price.
Example: Luxury automobiles]]> 2023-05-28 11:38:08 UTC https://padlet.com/717300121/mh745mpzg2jw7pb4/wish/2607137264 717300121 https://padlet.com/717300121/mh745mpzg2jw7pb4/wish/2607139191
When the price goes up, consumers buying habits stay about the same, and when the price goes down, consumers buying habits also remain unchanged.
Example: Gasoline and milk. ]]> 2023-05-28 11:44:12 UTC https://padlet.com/717300121/mh745mpzg2jw7pb4/wish/2607139191 717300121 https://padlet.com/717300121/mh745mpzg2jw7pb4/wish/2607142955 Means that the given percentage change in price leads to an equal percentage change in quantity demanded.

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