LECTURE 15
Unit 2, Chapters 4-6
Income elasticity of demand
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.
A2 Business Studies – External Influences Exchange Rates.
(517768512) 100 Q&A of Cambridge O'Level Economics by ALIM
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.
We are going to have a quiz over demand next class so let’s review. GET A WHITEBOARD AND A DRY ERASE MAKER SO WE CAN PRACTICE.
Price elasticity of demand. What is elasticity? The responsiveness of the quantity demanded to a change in price. When price rises, what happens to demand?
Demand. –The desire to own something, and the ability to pay for it. The Law of Demand –As prices go up quantity demanded goes down. –As prices go down.
1 Agribusiness Lessons LESSON 060102 Elasticity. 2 Objectives 1.Define elasticity, and explain why elasticity varies among products. 2.Explain highly.
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