LECTURE TWO

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Elasticity of Demand And Supply

The focus of this lecture is the elasticity. Students will learn about the price elasticity of demand, price elasticity of supply, cross elasticity and income elasticity.

OBJECTIVES

1. Understand the definition of elasticity.

2. Be able to compute  the elasticity coefficients.

3. Analyze the elasticity characteristics.

4. Illustrate the determinants of the elasticity.

5. Explain the total revenue test and understand the relationship between total revenue and price elasticity of demand.

TOPICS

Please read all the lectures by clicking on the following topics.

PRICE ELASTICITY OF DEMAND

DETERMINANTS OF Ed

TOTAL REVENUE TEST

PRICE ELASTICITY OF SUPPLY

CROSS ELASTICITY OF DEMAND

INCOME ELASTICITY OF DEMAND

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