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Why is the elastic clause important today?
it allows the government to change as the times change
Is the concept of unit elastic versus elastic demand better understood through a comparison of their respective price sensitivity levels?
Yes, the concept of unit elastic versus elastic demand is better understood through comparing their price sensitivity levels. Unit elastic demand occurs when the percentage change in quantity demanded is equal to the percentage change in price, while elastic demand occurs when the percentage change in quantity demanded is greater than the percentage change in price.
What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
What is elastic strain?
Energy stored as a change in shape
What happens when the value is greater than one in elasticity?
it means that price is elastic. Price elastic means that a little change in the price will cause a substantial change in the quantity demanded.
What is the meaning of the term elastic and inelastic?
x is elastic to y: when y changes, x tends to change a lot with it. x is inelastic to y: when y changes, x does not change much with it.
What is called when each change in price causes a relatively larger change in quantity demand?
Elastic
What is the process by which deformed rocks return to its original shapes?
elastic change
What is demand said to be when the percent change in price is equal to the percent change in quantity demanded?
Unit elastic
When the percent change in price is greater than the percent change in quantity demanded demand is said to?
Elastic
What is the difference between price elastic and unit elastic?
Unit elastic - Describes a supply or demand curve which is perfectly responsive to changes in price. That is, the quantity supplied or demanded changes according to the same percentage as the change in price. A curve with an elasticity of 1 is unit elastic.
What are gas molecules colliding with no change in total energy?
When gas molecules collide without a change in total energy, it means that the collisions are elastic. In an elastic collision, the kinetic energy of the gas molecules before and after the collision remains constant. This type of collision conserves energy and momentum.
