Chapter 5

I would say Chapter 5 had a difficulty rating of 2.5 for me. Chapter 5 was all about elasticity of supply and demand. Elasticity is how supply or demand respond to a change in price. If there is a large response to price it is elastic. If there is a small response to price it is inelastic. I will definitely have to reread the chapter the grasp of a further understanding. I understood the basic definition of elasticity, however I feel elasticity was easier to understand when it was on a graph. As soon as they take away the graphs and start talking about elasticity I become a bit lost. I understood the equations and how they related to the graphs, but again once the graphs were gone it became confusing. Also I had some trouble understanding how elastic changes on a demand or supply curve and how it doesn't stay constant.