lectur16-page3

lectur16-page3 - 2. Therefore very sensitive to price...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
3 Demand Curves Show How Sensitive Consumers are to Price Changes P Quantity Demanded/unit time Demand Relatively elastic 1. Quantity demanded is affected very much by price changes.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 2. Therefore very sensitive to price changes. 3. Many substitutes, long period of time, and large proportion of budget. 4. Q is greater than the P....
View Full Document

Ask a homework question - tutors are online