Price elasticity of demand and determinants
Look at the following list of products and try to place them in the correct order... most inelastic (least responsive to a price change) on top down to most elastic (most responsive to a price change)... We will discuss all of the concepts you need to be aware of and then do some practice equations and complete some notes. NOTE: I have written some theory notes with some worked examples and some practice questions for all the four types of elasticity here For my short explanation of why elasticity varies along the length of a linear demand curve, you can click this link https://docs.google.com/a/aisb.hu/file/d/0B2DnmWBd6LOCbzJzXzNSY2F2UWM/edit . Also I have posted PAJ Holden's video explanation of all the elasticity topics on this page. You will be given a copy of the following handout which covers the objectives above (as well as some objectives still to come)... but if you lose it then download and print out...
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March 2021
Maree SpraggonTeacher of IB Economics at the American School of Budapest Categories |