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.
SIZE:Economists calculate elasticity as the percent change in quantity (supplied or demanded) divided by the percent change in price. If the resulting number is greater than 1, the supply or demand of the good is considered elastic. If it is less than 1, it is inelastic. EFFECTS:Whether the demand or supply of a particular good is elastic or inelastic depends in part on how essential it is to most consumers. Goods that are necessities for consumers everyday lives are more inelastic.