We will address the objectives above in class and here is a further practice task to do:
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Firstly, we will make notes to address the following objectives:
Next, as HL students you need to be able to determine tax incidence and the effect of price elasticity of demand and supply:
You will be given some resources and tasks to do and here is an additional task: Price elasticity of supply and its determinants
First, we will complete some tasks in the packet you were given and also address the final objective above (p60):
The last task for the elasticity topic is a case study on the market for air travel: http://e-conomics.weebly.com/uploads/1/9/1/7/19176587/elasticity_air_travel.pdf Applications of price elasticity of demand
Today we will continue on from yesterday and also consider the objectives above. Tasks:
Here is a case study with some questions to answer... https://docs.google.com/a/aisbudapest.org/document/d/1gWzLuzLCZVxQRZLXki4KEB2AihLBbOCXW7adPSuGm14/edit?usp=sharing Also, below is a great 4 1/2 minute summary of PED... an excellent revision tool!
Income elasticity of demand; its determinants and applications
Obviously, you all did your homework (except for __________?) and have already watched the above video on XED... hand in your graphs now. We will watch the YED graph together and then discuss both concepts and do some tasks, including these questions...
This article Meet the credit crunch winners illustrates a good example of real life YED. And Will price discounting help restaurants survive the crunch? has example of all three concepts of demand elasticities. And for some light relief... |
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