Question

what does elasticity of savings refer to? the percentage change in the amount saved due to changes in interest rates a direct relationship between demand and supply in the economy a fixed amount of savings regardless of interest rate changes the percentage change in quantity demanded of goods due to interest rates question 8 what is meant by inelastic demand? demand that changes infinitely with a small price change highly responsive demand to price fluctuations demand that changes proportionally with price low responsiveness of demand to price changes question 9 how would you best define inelastic supply? proportional relationship between price and supply low responsiveness of supply to price changes high responsiveness of supply to price changes supply unaffected by changes in quantity demanded

Explanation:

• Elasticity of savings measures how savings react to interest - rate changes. Inelastic demand means demand doesn't change much with price changes. Inelastic supply implies supply is not very responsive to price changes.

Answer:

Question 7: The percentage change in the amount saved due to changes in interest rates
Question 8: Low responsiveness of demand to price changes
Question 9: Low responsiveness of supply to price changes