We are talking about elasticity in class and that consumers are more or less responsive to price changes. Similarly, suppliers are more or less responsive to price changes. Understanding what type of a good you’re consuming or producing is important to making decisions–companies can be financially harmed if they don’t understand how elasticity works related to their product.
Read this article about Netflix raising their prices
Listen to this Think Like an Economist Podcast, “Elasticity – What will you do when prices change? (Links to an external site.)” (17 min)
After listening and reading answer the following prompts using proper writing conventions and appropriate spelling/grammar.
Explain how elasticity was used in context of each of these examples (e.g. what type of product are we dealing with–elastic or inelastic). Why do you think the good is elastic or inelastic (you MUST explain using the determinants of elasticity).
Explain where or how you think understanding the idea of elasticity can help you in your current or future job or life.
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