820 words > Principles of Microeconomics
ou just opened a flower shop and are trying to understand pricing issues. You were told that elasticities are very important in determiningprices and what products to supply so you decide to investigate this concept.
You call your friendan economics professor and ask What is the price elasticity of demand? What determines it? What is elastic and inelastic demand?
To really understand it compute the following price elasticities of demand:
Ofthe above examples which is more elastic andwhich is the least elastic? Why? Answer the following questions:
Now that you are an expert on elasticities what do you think would be the best time of year to raise prices of flowers and why?
What do you think the elasticities are in the flower business?
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