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Unit 3: Elasticity Chapter 6 (Lesson 1: Price Elasticity of Demand and…
Unit 3: Elasticity
Chapter 6
Lesson 1: Price Elasticity of Demand and Total Revenue Test
LO1: Discuss price elasticity of demand and how it is calculated
The Price-Elasticity Coefficient and Formula
Midpoint formula
Interpretations of Ed
Elastic demand
Inelastic
Unit elasticity
Perfectly elastic
LO2: Explain the usefulness of the total revenue test for price elasticity of demand
Elastic Demand
Inelastic Demand
Unit Elasticity
Price Elasticity along a Linear Demand Curve
Price Elasticity and the Total-Revenue Curve
Lesson 2: Determinants of Price Elasticity of Demand and Price Elasticity of Supply
LO3: List the factors that affect price elasticity of demand and describe some applications of price elasticity of demand
Applications of Price Elasticity of Demand
LO4: Describe price elasticity of supply and how it can be applied
Price Elasticity of Supply: The Immediate Market Period
Price Elasticity of Supply: The Short Run
Price Elasticity of Supply: The Long Run
Applications of Price Elasticity of Supply
Lesson 3: Cross Elasticity of Demand and Income Elasticity of Demand
LO5: Apply cross elasticity of demand and income elasticity of demand
Cross Elasticity of Demand
Income Elasticity of Demand