Weekly Blog 03/14/2014

This was a long week in my opinion. There were a lot of things we had to learn. We learned even more about demand, elasticity and stuff like that. Elasticity of demand describes how responsive consumers are to price changes in the marketplace, we also learned what elastic and inelastic means; Elastic is a change in the price that equals to a relatively LARGE change in quantity demanded and Inelastic is the change in price that equals a relatively SMALLER change in quantity demanded. We also learned how to calculate the elasticity of demand percentages with the formula % ᐃ Q / % ᐃ P. We had a group project that advertised our city Weserville in order to increase it popularity, in these ads we included the six factors that affect demand (personal taste, income, income distribution, etc.) This week was very interesting and full of new things to learn.