Elasticity
A)deals with percentage changes in price and quantity demanded.
B)employs percentage changes calculated in terms of average values of the prices and quantities at issue.
C)is generally stated in absolute value.
D)All of the responses are correct.

Question

Quizplus · Accepted Answer

All of the responses are correct. The concept of elasticity deals with percentage changes in price and quantity demanded, and employs percentage changes calculated in terms of average values of the prices and quantities at issue. The magnitude of elasticity is generally stated in absolute value.