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Price Elasticity (Demand (Effects (Substitute, Proportion of Income,…
Price Elasticity
Demand
Elastic
Shallow
Total revenue rise when prices lower
Inelastic
Steep
Total Revenue rise when prices rise
Effects
Substitute
Proportion of Income
Luxury
Addiction
Time
Mnemonics
SPLAT
MAD CAT
Supply
Effects
Durability (Raw? Perishable?)
Capacity (Operating at full?)
Availability of resource (large stock?)
Mobility of resource (Workers? Distribution of resource?)
Accessibility of market (Easy? barriers?)
Time taken to produce