Why Do Economists Use Percentages Rather Than Absolute Amounts in Measuring

question 18

Essay

Why do economists use percentages rather than absolute amounts in measuring the responsiveness of consumers to changes in price?

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Definitions:

GAS

General Adaptation Syndrome, a model describing the body's short-term and long-term reactions to stress, inclusive of the stages alarm, resistance, and exhaustion.

Resistance

In psychology, resistance is the unwillingness or inability of a patient in psychotherapy to engage with certain memories, feelings, or thoughts that are deemed painful or distressing.

Stress

The process by which we perceive and respond to certain events, called stressors, that we appraise as threatening or challenging.

Hypertension Rates

The prevalence or incidence of high blood pressure within a specific population.