What are some examples of calculating elasticity in economics?
An example of an AI chatbot conversation about calculating elasticity in economics.
Can you explain what elasticity means in economics?
Elasticity measures how much the quantity demanded or supplied of a good responds to changes in price or income.
What are some examples of calculating price elasticity of demand?
Sure! For example, if the price of a product increases by 10% and the quantity demanded decreases by 20%, the price elasticity of demand is -2.
Can you give me another example?
Absolutely! If a 5% increase in price leads to a 15% decrease in quantity demanded, the elasticity would be -3.
How do we interpret these elasticity values?
An elasticity value greater than 1 indicates demand is elastic, while less than 1 indicates inelastic demand.
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