Elasticity and Utility
Elasticity is an economic concept that measures responsiveness of one variable to change another variable. Relative elasticity for demand means that a small changes in the price could create a huge shift in the demand, and the same goes for supply.These concepts are relatively simple and easy to understand once they are applied to real world tasks or decisions. The decisions I made in the past year or so have significantly been inflicted by elasticity. The choice to go to college is one that many people make. In the case of price elasticity going to college can be a hard choice to make. The amount (supply) of colleges around the United States has grown to a high amount. The people who go to the colleges would be considered the quantity. The quantity of colleges and the people who attend these colleges(supply) directly impact the price of tuition the college imposes. For me and my family, choosing tvcc was the most cost effective decision we could make. My grade