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OpenStudy (anonymous):
Why will a demand increase will lead to a relatively small increase in price if supply is elastic?
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OpenStudy (anonymous):
I understand via drawing graphs how this works, but intuitively, why is this so? Because I don't know how this statement works in real world. I am a first year Microeconomics students, so please make your explanations simpler so I can understand them. Thanks for helping me out :)
OpenStudy (anonymous):
Check out this video on YouTube: http://www.youtube.com/watch?v=T7vGDwGLU7s&feature=youtube_gdata_player Sent from my iPad
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