Chapter Fifteen Market Demand. From Individual to Market Demand Functions Think of an economy containing n consumers, denoted by i = 1, …,n. Consumer.
1.2 Elasticities Unit Overview Price Elasticity of Demand (PED) PED and its determinants The total revenue test of PED Applications of PED Cross Price.
We talked about the direction of changes in quantity when prices rise/fall Elasticity talks about how much they change When the price for something goes.
