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Elasticity

1. Explain the concept of elasticity.

2. What is the formula for price elasticity of demand?

3. If the price elasticity of demand for a product was .5, what would you expect to see happen to quantity demanded of that product if the price increased by 10%?

4. Does elasticity measure the slope of a demand curve?

5. When the price elasticity of demand is elastic, which is changing more, price or quantity?

6. When the price elasticity of demand is inelastic, which is changing more, price or quantity?

7. When a demand curve is perfectly (or infinite) elastic, when price changes, what happens to quantity demanded?

8. When a demand curve is perfectly inelastic, when price changes, what happens to quantity demanded?

9. When will an increase in price of a product increase total revenue for a firm?

10. If we were to illustrate an inelastic demand curve (on a graph without scale), would the slope be flat or steep?

11. If we were to illustrate an elastic demand curve (on a graph without scale), would the slope be flat or steep?

12. Is elasticity greater in the short run or long run? Why?