Problem: I have learned thus far in my Economics course regarding Elasticity being a vital concept. From the standpoint of a manager and as a typical consumer, explain in your own words, based on your experience and education, how elasticity was a tool for managerial decision-making at Southwest Airlines at a time when airline prices were reasonable for so few to afford.
In your own words, based on your experience and education, could you also explain the difference between a change in demand and a change in quantity demanded?