Micro Notes 3: Elasticities

At the end of this set of notes, you should be able to explain:

1. Price Elasticity of Demand (PED)
2. PED and total revenue (TR)
3. Factors affecting PED
4. How firms use PED
5. Income Elasticity of Demand (YED)
6. How firms use YED
7. Cross Elasticity of Demand (XED)
8. How firms use XED
9. Price Elasticity of Supply (PES)
10. Factors affecting PES

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