Hi. I hope you understand the concept of utility. The following part is on price elasticity. This means it will determine how sensitive (changeable) the quantity is due to a change in price. I.e. how will the amount you buy of an article change as the price of the article changes. If it is luxury goods you might decide not to buy more. If it is essential medicine you may still buy the same amount at a higher price. Thus the amount that a person demand (buy) can change as prices changes. This part is then the price elasticity of demand (PEd). You must study the notes. The notes explains the different types of price elasticity and the graphs. THIS PART CAN BE A LONG QUESTION.
Posted in Grade 11.