Summary (Grade 11 NSC Matric Economics): Flashcards

Measures sensitivity of quantity to price changes

Ratio of % change in quantity to % change in price

$E_d = 0$

$E_d < 1$

$E_d = 1$

$E_d > 1$

$E_s = 0$

Concert tickets (fixed venue capacity)

Steep downward slope

Inelastic demand means people buy despite higher prices