You Are a 7th Grade Science Teacher

question 27

Essay

You are a 7th grade science teacher. You are in the process of creating a simple worksheet to keep track of the test grades for your class. Below is the worksheet that you have created so far. Please write a formula for finding the difference between the two test scores for each student and add it in to the spreadsheet.

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Definitions:

Elastic

A characteristic of a good or service that indicates a greater than proportional change in quantity demanded or supplied in response to price changes.

Inelastic

Describes demand or supply that is relatively unresponsive to price changes, meaning quantity demanded or supplied changes little when price changes.

Unitary Elasticity

A situation where a one percent change in the price of a product results in a one percent change in the quantity demanded.

Federal Excise Tax

A tax imposed by the federal government on the sale of specific goods and services, such as gasoline, cigarettes, and alcohol.