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Part Two Microeconomics: Supply, Demand, And Product Markets (Supply and…
Part Two
Microeconomics: Supply, Demand, And Product Markets
Supply and Demand: Elasticity and Applications
Price elasticity
Price elasticity of demand
Definition
Affecting factors
Substitutes
The length of time
short run
Long run
Proportion of income
Product definition
Diagram
Shortcut
The algebra of elasticities
Compared with slope
Calculating
Types
Price-elastic demand
Price-inelastic demand
Unit-elastic demand
Price elasticity of supply
Definition
Calculation
Factors
The ease
Time Period
Elasticity and revenue
#
Applications to major economic issues
The economics of agriculture
Crop restriction
Impact of a tax on price and quantity
Minimum floors and maximum ceilings
Rationing