Price Elasticity of Demand

1. What is a good synonym for 'elastio'. as the word is used in economics? 2. Hyon have an elastic demand response to a price change, what should you do if the price of your favorite chocolate goes down? 3. Using the fcnnula Price Elasticity of Demand = -I_[Percent Chge in mam Percent Change in Price Where Percent Change = New Old times ltlllI Old Calculate the price elasticity of demand for chocolate here if the price goes from sec 132 to 2412] Hz, causing you to change your weekly consumption from 8 bars per week to 5. 4. Is your demand for chocolate elastic, inelastic or unit elastic oath respect to price? 5. In order to be considered to have an inelastic response. how many chocolate bars could you have bought? Justify your answer. I5. Hyou were a shopkeeper or a manufacturer. how would you use knowledge of price elasticity of demand when setting prices for your goods