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Warm-up Think about the last thing that you bought would you still buy it if it. Elasticity of demand a measure of how consumers respond to price changes inelastic describes demand that is not very. Why does a firm need to know.

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3 Basic Economy Concepts 1 Then check the answers using the answer key. What is your first name. Describes demand that is not very sensitive to price changes elastic.

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Necessities versus Luxuries Whether a person considers a good to be a necessity or a luxury has a great impact on the goods elasticity of demand. Email Your email. Johnson Demand Microeconomics.

A measure of how consumers respond to price changes inelastic.


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