Here are some leaders who donât match our ideal: 1  The teenage gang leader who has âstreet credâ, is tough and prepared to defy the law, even if it means shooting his way out of trouble. 2  Stalin, admired by some Russians who like tough leaders, even if ruthless.
When price and total revenue move in the same direction, demand is relatively inelastic. True: when price and total revenue move in the same direction, demand is relatively inelastic. Why will the price elasticity of demand will be greater when the price of a good is higher relative to a consumer's income. A higher priced good will have a higher price elasticity of demand.
Elasticity of demand is consumers' responsiveness or sensitivity to changes in price. Elastic demand is when consumers buy significantly more or less of a product when its price changes. Inelastic demand means that an increase or decrease in price will not significantly affect demand for the product. The boot camp is providing some examples of the types of elasticity. One of the toy company's products is a baby item that simulates a car driving.