When I began to read this chapter I became very excited. After reading Chapter 2 I figured that economist function much like scientist. This however left me wondering if there was a way that they measure human response to the law of supply and demand. I knew that there had to be some practical way of plotting response and this chapter essentially answers most if not all of my questions pertaining to the matter.
I however didn't think that there would have been so many conditions when determining whether the market was elastic or not. The idea of incorporating revenue into the idea of supply and demand made perfect sense, yet I failed to understand that the term 'elastic' could be applied to everything. I think I will most likely get tripped up on questions on the chapter test relating to calculating prices such as the cross price of demand and price of supply, due to all of the equations however I know all it requires is a little more practice/ studying. Overall I am actually pretty ecstatic about this chapter because it includes so many basic algebra concepts, and I find it cool that the disciplines are mixing.
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