4. Elasticity

In microeconomics, the price elasticity of demand shows how the quantity demanded responds to a change in price, measured as what?

When calculating percentage change using the midpoint (arc elasticity) method, is the percent increase from 50 to 70 equal to the percent decrease from 70 to 50? Which statement is correct?

In terms of the price elasticity of demand, what is the key difference between elastic and inelastic demand?

In terms of price elasticity of demand, demand is said to be inelastic when a 1% increase in price leads to a less than 1% decrease in quantity demanded; equivalently, when the absolute value of the price elasticity of demand is in what range?

In microeconomics, what does the price elasticity of demand measure?

Which of the following statements about the price elasticity of demand is correct?

In the context of percentage change and price elasticity of demand, demand can be said to be inelastic when which condition holds for the price elasticity of demand?

In microeconomics, what is the formula for calculating the price elasticity of demand using the percentage (midpoint) method?

Inelastic demand refers to a situation in which the price elasticity of demand is

The price elasticity of demand measures: