| Chapter 5: Elasticity | ||||||||
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| Important Concepts from Chapter 5: Formulas for price elasiticity of demand Elastic, Unit Elastic, Inelastic Factors that determine price elasticity of demand The relationship of a demand curve that cuts both axes (posted to the left) Total Revenue and Elasticity relationship Three Situations with Constant Elasticity Cross Elasticity of Demand and its outcomes Income Elasticity of Demand and its outcomes Table on page 95 of textbook |
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| Each of the following graphs are explained by an economist (listen if you need extra help): 1. Calculating the price elasticity of demand using the midpoint formula/P-Q average 2. Inelastic and Elastic Demand 3. Elasticity Along a Straight Line Demand Curve |
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| Handouts from SI Sessions on Chapter 5: Elasticity Mind Map Electric Elasticity Activity Elasticity Practice Problems Elasticity Calculation Example (IMPORTANT) Elasticity Summary Table Sample Test Questions |
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