Dr. Jolibois 3/25/24 Elasticity of Demand LO: How does quantity demanded respond to a change in price? Do Now: Respond to the two scenarios below to develop an understanding of how quantity demanded responds to a change in price. Scenario A Imagine a world where the price of your favorite snack suddenly doubled overnight or the price of eggs suddenly doubled overnight. 1. How would this impact your purchasing decisions of your favorite snack or eggs? Why? Scenario B Now imagine that the price of a new car doubled. 2. How would that impact your decision to buy a new car? 3. Which of these items would you mostly forgo its purchase for the future? Why or why not? 4. Is your decision to buy a new car the same as buying your favorite snack? Why