Question
One of the topics that is often discussed among economists in analyzing economic issues is about elasticity. Likewise, this topic also becomes a very important
One of the topics that is often discussed among economists in analyzing economic issues is about elasticity. Likewise, this topic also becomes a very important indicator for other economic actors, for example for producers as an ingredient in making decisions about what business is the most profitable, and for consumers as a basis for making requests to meet their consumption needs. Demand for a type of good can be elastic and can be less elastic if there is a change in the price of the good. From the snippet, please answer the following questions briefly and clearly:
1) Explain the concept of price elasticity of demand and its calculation; 2) Explain clearly the types of elasticity, the magnitude of the elasticity value and the meaning of the elasticity value and an example of the goods (if any); and 3) Give your opinion regarding the difference between the elasticity of demand and the slope of the demand curve
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