Question

Investigate how demand elasticities are affected by increases in demand. Apply the midpoint formula to calculate the demand elasticities.

Answer 1

It should be noted that a good that has a high demand elasticity for an economic variable implies that consumer demand for that good is more responsive to changes in the variable.

How to explain the demand?

It should be noted that an elastic demand is one werr the change in quantity demanded due to a change in price is large.

Also, an inelastic demand is one in which the change in quantity demanded due to a change in price is small. When the formula creates an absolute value greater than 1, the demand is elastic.

Here, a good that has a high demand elasticity for an economic variable implies that consumer demand for that good is more responsive to changes in the variable.

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