Acceptable logotypeECO 2030. Principles of Economics-Price Theory

Elasticity

Demand

  1. Price elasticity of demand
  2. Determinants of demand elasticity (availability of substitutes, necessities vs. luxuries, definition of the market, time)
  3. Midpoint method (ed = %ΔQd %ΔP = click here for formula)
  4. Elastic and inelastic demand
  5. Total revenue and price elasticity

Other Elasticities

  1. Income elasticity
  2. Cross-price elasticity

Supply

  1. Price elasticity of supply
  2. Determinants of supply elasticity
  3. Midpoint method
  4. Supply curves and elasticity

Examples