• Answer number 1 and draw the diagram. 1. Use the table...

• Answer number 1 and draw the diagram. 1. Use the table below to complete the following exercise. Plot the price and quantity data. Indicate the price elasticity value at each price. What happens to the elasticity value as you move down the demand curve? % Change in Quantity % Change in Price Price Demanded Quantity $5 100 10 100 80 220 15 66 60 225 20 33 40 233 25 25 20 250 30 20 0 2,100

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00:02 Monk of four into it or some the demand covered relatively elastic, meaning that the quantity demanded is not very sensitive to the changes in price on curve for services.

00:26 This is lasting at me want to demand it.

00:41 What every and stick in demand curve for two brushes demand cover to brushes produced by the company why is likely to be likely.

01:13 That means that quantity demand is very difficult to change.

01:19 I guess it's to engine price because there are many substitute for the two to take to the question.

01:35 What a process the price of good is doubled and the quantity demanded degree.

01:41 So half of original quantity one has inelastic price last to see that we calculated as person in cheap quantity demanded divided by percent percentage in price.

02:23 If the price of good is doubled and the quantity one decreases to half of them.

02:26 The price last is your money 0 .5.

02:35 Fine, which is less than one.

02:39 That means the would a has in it.

02:44 A has a stick in second of the demand internet services are set up a team and there is a tremendous in price of the data than the demand curve for the internet services effectively inelastic.

03:06 Relatively inelastic demand means that the quantity demand is not very sensitive to changes in price this case.

03:13 The demand is relatively plastic...

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