based on the elasticity part 1 and part 2, can you provide an example of how...

based on the elasticity part 1 and part 2, can you provide an example of how elasticity might impact price

Expert Solution

Here information regarding part 1 and part 2 are missing

I can explain how elasticity impact price.

We have Price elasticity of demand. It is defined as change in quantity demanded with change in the price level.

If with small change in price leads to large change in quantity demanded then we say we have a elastic demand. In this case Elasticty is more than 1.

If with change in price quantity demanded increases by small proportion then we say we have inelastic demand. Elasticity is less than 1.

Higher the elasticity there will be larger impact on quantity demanded . So for elastic goods we need a small change in price to influence the demand. For influencing the demand of inelastic goods we need a large change in price.

Rahul Sunny answered 3 years ago

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