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Match each item with the best corresponding answer. The good makes up a very large proportion of a consumer's income The good likely has a relatively high price elasticity of demand There has been a short period of time elapsed since the change in the price of the good The good likely has a relatively low price elasticity of demand The good has a positive income elasticity of demand The good likely has a relatively low price elasticity of demand The price elasticity of demand of the good is zero Choose... The good has a positive cross-price Choose... elasticity of demand 

          Match each item with the best corresponding answer.
The good makes up a very large
proportion of a consumer's income
The good likely has a relatively high price elasticity of demand
There has been a short period of time
elapsed since the change in the price of
the good
The good likely has a relatively low price elasticity of demand
The good has a positive income
elasticity of demand
The good likely has a relatively low price elasticity of demand
The price elasticity of demand of the
good is zero
Choose...
The good has a positive cross-price
Choose...
elasticity of demand
Show more…
Match each item with the best corresponding answer. The good makes up a very large proportion of a consumer's income The good likely has a relatively high price elasticity of demand There has been a short period of time elapsed since the change in the price of the good The good likely has a relatively low price elasticity of demand The good has a positive income elasticity of demand The good likely has a relatively low price elasticity of demand The price elasticity of demand of the good is zero Choose... The good has a positive cross-price Choose... elasticity of demand

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Match each item with the best corresponding answer. The good makes up a very large proportion of a consumer's income The good likely has a relatively high price elasticity of demand larr There has been a short period of time elapsed since the change in the price of The good likely has a relatively low price elasticity of demand **^(⇀) the good The good has a positive income elasticity of demand The price elasticity of demand of the good is zero The good has a positive cross-price elasticity of demand Match each item with the best corresponding answer. The good makes up a very large proportion of a consumer's income The good likely has a relatively high price elasticity of demand There has been a short period of time elapsed since the change in the price of the good The good has a positive income elasticity of demand The good likely has a relatively low price elasticity of demand The good likely has a relatively low price elasticity of demand The price elasticity of demand of the good is zero Choose. The good has a positive cross-price elasticity of demand Choose.
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Transcript

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00:01 So here we're talking about elasticity, right? so for the first fill -in -the -blank here, the idea of many substitutes means that you can switch, right? if the price goes up, you go away.
00:15 So if the price goes up, you change, which means the quantity is going to go down a lot.
00:23 This is what we mean by relatively elastic demand, right? elasticity is a sort of a measure of responsiveness.
00:33 So when the people can switch to another good, we have very relatively elastic demand.
00:38 So for the part two here, we are thinking about which is elastic.
00:44 My argument is going to be the clothing, right? right.
00:48 It is easier to switch.
00:51 Right.
00:52 To change your purchasing plans, to change your behavior.
00:56 Conversely, for the liver transplant, if the price of a liver goes up by 10 percent, you still need a liver to live.
01:04 You're still going to pay it.
01:05 Right...
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