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Elasticity and Change in Demand

OTA, I have learned thus far in my Economics course regarding Elasticity being a vital concept. From the standpoint of a manager and as a typical consumer, explain in your own words, based on your experience and education, how elasticity was a tool for managerial decision-making at Southwest Airlines at a time when airline prices were reasonable for so few to afford.

OTA, in your own words, based on your experience and education, could you also explain the difference between a change in demand and a change in quantity demanded?

Thank you

Solution Summary

This solution contains demand vs. quantity graphs to illustrate the effects of a change on demand on the equation as well as explaining the reasons what factors causes a change in demand.

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