Asked by
Jonathan Xavier
on Oct 26, 2024
Verified
Sarah has been told she has only one week to finish some pottery for a show.Sarah has exhausted her supply of clay,and new clay is absolutely necessary for finishing her products.For Sarah,the price elasticity of demand for new clay right now is elastic.
Price Elasticity of Demand
A metric showing the sensitivity of demand for an item to its price alterations.
Pottery Show
An event or exhibition where ceramic wares and potteries are displayed and often available for purchase.
Absolute Necessary
A term that could imply something that is essential without any exceptions.
- Distinguish between elastic, inelastic, and unit-elastic demand.
- Recognize the significance of time in determining price elasticity of demand.
Verified Answer
EB
Learning Objectives
- Distinguish between elastic, inelastic, and unit-elastic demand.
- Recognize the significance of time in determining price elasticity of demand.