Supply and Demand Elasticity

If P goes up for 1% and Q goes down for 2% ( >1% ) NB! Elastic.
Ja vairāk par vienu procentu, tad tad ir okey, ja tomēr ir mazāk par vienu procentu kā piemēram sabiedriskais transports, tad tik un tā mēs to pirksim.
Price (p) Quality (q)
If P goes up for 1% and Q goes down for 0,5% (<1% ) NB! Inelastic. (gas, bensin, cigarettes, public transport)
Demand (price, cross – elasticity, income elasticity)
Supply (price)
Price elasticity of demand – everything starts with a price. Analyzing price for 1 % / unit. Price increase – looking at demand, there ar looking what they buy and what they could buy. …