Price Elasticity of Demand by Mr Kelly https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx Made with an open mind en-us 2021-08-30 09:33:02 UTC 2024-09-12 04:32:05 UTC hello@padlet.com INSTRUCTIONS kmatthew6_1 https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1704197055 - Use this space to throw down a question you have about PED. 

- It might be about something you've seen and heard in our classes

- It could be about something you've connected PED to and wonder about

- You all have the ability to upvote a question, which will help me understand "popular" posts

PS Feel free to put your name :) or be anonymous ]]> 2021-08-30 09:35:36 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1704197055 Is elasticity of demand the same as price elasticity demand? 1670914 https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1705800885 is elasticity of demand the same as price elasticity demand?]]> 2021-08-31 01:43:30 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1705800885 Inelastic Market 2180815 https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1706196261 What prevents the very inelastic markets from raising their prices too high?]]> 2021-08-31 04:16:13 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1706196261 Inelastic Example 2138818 https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1706570706 Could you explain why addictive items such as cigarettes are inelastic?]]> 2021-08-31 07:22:58 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1706570706 SPLAT https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1706589040 what does time necessarily mean in SPLAT, how does time effect elasticity? ]]> 2021-08-31 07:33:29 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1706589040 can primary commodities be considered as necessities? https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1706598488 2021-08-31 07:39:00 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1706598488 Is it a good thing for a good to be inelastic rather than elastic? https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1706604890 Is it a good thing for a good to be inelastic rather than elastic?]]> 2021-08-31 07:42:16 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1706604890 Can you explain how size of purchase (consumer's budget) and Classification of goods influence the elasticity of demand? https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1709443189 2021-09-01 08:20:45 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1709443189 Inelastic https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1710093472 Since inelastic goods and services are considered as necessities, economics assumes that addictive substances such as cigarettes and alcohol is a necessity? ]]> 2021-09-01 14:44:19 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1710093472 For the unitary elastic, I wonder if this graph represents the changes in price = the changes in quantity demanded. I am not that good at math but I think if we choose the point that is not P1 and P2 but maybe P3 and P4 the changes in price will not equal the changes in quantity. https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1711392963 2021-09-02 01:53:32 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1711392963 Smartphones have a lot of substitutes, but Iphones are relatively price inelastic. Does that mean Android and IOS devices have different elasticities even though they're the same type of product? https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1711735755 2021-09-02 04:06:46 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1711735755 How does this graph work? https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1716471128 This graph does not show how the price increase from P1 to P2 relates to the change in quantity demanded. 

Basically, all the other graphs will show the relation ship between P1 P2 and Q1 and Q2 so I am wondering if there is no P2 in this graph how can we compare to quantity demanded.]]> 2021-09-04 08:49:32 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1716471128 WHY does PED vary along a linear down-sloping demand curve? https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1724533758 2021-09-08 11:04:30 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1724533758 How does the Closeness of substitutes affect the PED? Also, How does the Closeness of substitutes affect the degree a demand curve shfits? https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1724536958 2021-09-08 11:06:50 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1724536958 Would the PED = 1 point on an elastic curve be placed lower on the curve and the opposite for inelastic (PED = 1 point higher up)? Why is it called "relatively" elastic/inelastic? 2180815 https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1729998687 2021-09-10 04:11:10 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1729998687 Can you explain this question for me please? https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1730050373 The answer is D but I put C. ]]> 2021-09-10 04:41:45 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1730050373 When we are explaining the PED for a product, do we say the product is elastic/inelastic, the demand for the product is elastic/inelastic, or the Quantity demanded for the product is elastic/inelastic? https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1732465912 2021-09-11 10:55:10 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1732465912 Could you please explain why future expectation can shift the demand curve please? https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1757251818 2021-09-21 13:58:35 UTC https://padlet.com/kmatthew6_1/u3dvhftnsvmeb3dx/wish/1757251818