Chapter 2 (II) - Elasticity

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  Ch. 2: The Mechanics of the Market (Continuation) Elasticity  Learning Outcomes  Explain the concept of price elasticity of demand.  Calculate price elasticity of demand.  Determine effect of a price change on total revenue.  List and explain the determinants of price elasticity of demand.  Learning Outcomes  Define cross elasticity of demand.  Calculate cross elasticity of demand.  Define the income elasticity of demand  Calculate income elasticity of demand.   Define the elasticity of supply.  Calculate the elasticity of supply .  Why study elasticity?  Law of Demand : as the price of a good - as the price of a good rises, quantity demanded of that good falls; - as the price of a good falls, quantity demanded of that good rises, ceteris paribus.
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