Chapter 5: Elasticity
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
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

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
Hosted by www.Geocities.ws

1