Question

What did you learn about economics from these modules?(modules is about Elasticity,Inelastic, Elastic, and Unitary Demand, Calculate price elasticity using the midpoint method)

Answer 1

If we talk in simple terms then elastic demand is that type of demand in which even there is small change in the price can cause heavy change in the quantity demanded

in this the consumers are price sensitive

if we talk about inelastic demand then in this even there high change in the price can cause is very low change in the quantity demanded

in this the consumers are not very much price sensitive

in unit elastic demand the proportion change of price and quantity demanded an equal

2

By mid point method-