Ap Econ Chapter 5 review

I would rate this chapter 2/3 in difficulty. I felt as if the chapter was a bit harder than the previous one. This might be due to the fact that Elasticity is a new concept to me (Supply and demand were not), and this made me look at the text more often than usual.

The chapter starts off with the Elasticity of demand. It tells us the difference between inelasticity and elasticity. In the beginning, I knew the definitions and their applications fairly well, however, as I moved through and looked at more examples, I got more confused. It was only until I looked at the graphs when I started understanding. 

Following the information of demand Elasticity, the book goes on to talk about revenue, or in short, P x Q.. The only part difficult to understand in this section is when they discussed the revenue's relevance to Elastic and inelastic demand. 

The last concept the book introduced was supply elasticity, but I found that much easier because of being already exposed to one type of elasticity (demand). It had a very similar formula. Price elasticity of supply = Percentage change in quantity supplied / percentage of change in price.