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11 July, 11:10

Elasticity measures the behavioral response of economic agents in a given situation.

Which of the following questions is likely to be answered using elasticity?

a) If a business raises it prices, will that have a large or small on demand?

b) If you get a pay raise, are you more productive at work?

c) If hot dogs go on sale, will it be sunny day?

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Answers (1)
  1. 11 July, 12:44
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    The correct answer is letter "A": If a business raises it prices, will that have a large or small on demand?

    Explanation:

    Elasticity is a measure of a variables' reaction to a change in another variable. It can describe the extent to which the supply or demand for a good or service changes with the price of goods or consumer income. When an item has many possible substitutes, its demand will be more elastic.
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