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ELASTICITY - Coggle Diagram

- - - - hard to find
        
        inelastic
      - the longer time elapsed since price change
        
        = more elastic demand
      - readily available
        
        elastic
      - how good is defined
        
        narrow
        
        elastic
        
        broad
        
        inelastic
    - - the greater the % the more elastic
  - - - a given % rise in price
        
        creates a smaller % decline in Qd
        
        Total Revenue increases
      - prive and TR change in same direction
    - - when price change doesnt change TR
    - - a given % rise in price
        
        total revenue decreases
        
        creates a larger % decline in Qd
      - price & TR changes in opposite direction
  - - - when Elastic of demand larger than 1
    - - when elastic of demand equal to 1
    - - when elastic of demand smaller than 1
- - - - % change in Qs = %changes in price
      - Es = 1
    - - % change in Qs < % change in price
      - Es < 1
    - - % change in Qs > % change in price
      - Es >1
  - - - elastic
        
        goods produced with constant oppurtunity cost
      - inelastic
        
        goods produced in fixed quantity
    - - elastic
        
        storable goods
        
        cost of storage is the MAIN influence on supply of storable good
      - inelastic
        
        non-storable goods