Explain Why When the Demand Curve for a Good Is

question 71

Essay

Explain why when the demand curve for a good is elastic,a one percent reduction in the price of the good will increase a consumer's expenditure on the good.

---

Definitions:

Hispanic American

A term used to describe Americans who are descendants of people from countries in Latin America and the Spanish-speaking Caribbean.

Economic Difficulties

Challenges or hardships related to financial aspects of life, such as unemployment, inflation, or inability to meet personal or organizational financial obligations.

On-the-Job Training

The method of providing practical training to employees at their workplace while they are doing their actual job.

Population Density

The measure of the number of individuals living in a given area, usually expressed per square kilometer or square mile.