Read the four statements below. Where the statement is expressed in layman's terms, rephrase it using the appropriate variant of the term elasticity. Where it is already phrased in terms of elasticity, translate it into layman's terms. (a) We doubled sales of product
A、by dropping the price from $1.99 to $1.75. (b) Price elasticity of product
B、is low. (c) Demand for product
C、is highly inelastic. (d)
A、large reduction in price will be necessary to stimulate further demand for product D.
A、by dropping the price from $1.99 to $1.75. (b) Price elasticity of product
B、is low. (c) Demand for product
C、is highly inelastic. (d)
A、large reduction in price will be necessary to stimulate further demand for product D.
【参考答案及解析】
Situation (a) is an example of elastic demand; (b) is a case of inelasticity and should be appropriately worded; (c) is the same as (b); (d) is also an example of inelasticity.
Situation (a) is an example of elastic demand; (b) is a case of inelasticity and should be appropriately worded; (c) is the same as (b); (d) is also an example of inelasticity.