12 PM – May 17 th, 2012 AP Microeconomics Test Review RMCE/HWRHS.
Market Model Supply and Demand. Markets Institutions that allow buyers and sellers to exchange Demand Supply Examples Posted-price Haggling Auctions Equilibrium.
Elasticity 04 McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Copyright © 2007, Nelson, a division of Thomson Canada Ltd.. A Lecture Presentation in PowerPoint to accompany Exploring Economics by Robert L. Sexton.
Elasticity, Total Revenue and Surplus. Quick Check 1 Items that are necessities are considered to be _____________ inelastic.
Elasticities Price Elasticity of Demand Income Elasticity of Demand Cross Elasticity of Demand.
1 Did Banning DDT Devastate Cotton Farmers in the mid-1970s? DDT kills Boll Weevils September, 1962 EPA banned DDT beginning in 1973 protects & Bald Eagles.
Elasticity of Demand Measurement of a good’s responsiveness to a change in price The price effect is greater for some goods than for others Examples:
© Pilot Publishing Company Ltd. 2005 Chapter 6 Elasticities of Demand.
Elasticity, Consumer Surplus, and Producer Surplus Chapter 6 McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
