Economics class notes
You can not select more than 25 topics Topics must start with a letter or number, can include dashes ('-') and can be up to 35 characters long. 314B

February 15


  1. The elasticity of demand is higher in the long run because consumers have MORE time to adjust.
  2. An Elasticity of 1.0 or greater = elastic demand
  3. An Elasticity of exactly 1.0 = unit elastic demand
  4. An Elasticity of between 0 and 1.0 = inelastic demand