1. Answers will vary, but should include the notion that each activity provides benefits in the form of satisfaction or
additional income, but also takes time away from the pursuit of other activities (opportunity cost). Ti
Elasticity of Demand
Meaning of elasticity of demand
The elasticity of demand is the ration of
change in quantity demanded due to
change in the invariants affecting demand.
These invariants may be price of a
commodity, income of the c
Law of Demand
Can we tell if people want to buy a lot less
or a little less at a higher price?
Companies want to know this.
Price elasticity of demand
Percentage change in quantity demanded
Demand Elasticity Gra
TOPIC:ELASTICITY OF DEMAND
ELASTICITY OF DEMAND
ELASTICITY:is the measurement of how
changing one economic variable affects
ELASTICITY OF DEMAND: measures the
responsiveness of quantity demanded to
MKT 369, FA16
Assignment #1 (indiv. or in teams of 2-4 students max.; indiv. submission: 95 pts. max,
teams: 105 pts. max)
Only ONE of you has to submit the doc; make sure all your names are listed!
List your names:
1) What is the difference betwe
1. Identify the advertiser, the product being sold.
A super stay 24 hours longwearing lip color.
2 What is the name of the magazine? What is its date of publication?
Better Homes and Gardens. October 2016
3. What is the magazines audience?