Documents Elasticity! Boingy, boingy, boingy! Price, Income and Cross Elasticity.

Slide 1Elasticity! Boingy, boingy, boingy! Price, Income and Cross Elasticity Slide 2 Elasticity – the concept The responsiveness of one variable to changes in another…

Documents The responsiveness of one variable to changes in another When price rises, what happens to demand?.....

Slide 1 Slide 2 The responsiveness of one variable to changes in another When price rises, what happens to demand? Demand falls BUT! How much does demand fall? Slide 3 If…