Price is elastic if change in the quantity demanded of is smaller then change in its price.
where p= 25
x= a number that is smaller by 30.25%
So the good is elastic. I think. Its been a decade since i did this nonsense.
Originally Posted by Virtuozzo
It doesn't take off
We all rail against class-distinctions, but very few people seriously want to abolish them. Here you come upon the important fact that every revolutionary opinion draws part of its strength from a secret conviction that nothing can be changed.
helicopter on a giant turn table?