1. What is the definition of elasticity? 2. What is the meaning and importance of: price elasticity of demand? income elasticity of demand? price elasticity.
Tutorial 2 Elasticity. Elasticity 1 The price of orange falls from 15B to 10B per kilogram and the quantity demanded goes from 100,000 to 200,000 kilograms.
Elasticities of Demand and Supply
SUMMARY chapter: 6 >> Krugman/Wells Economics ©2009 Worth Publishers Elasticity.
Chapter 5 Elasticity of Demand and Supply
1 Chapter 5 Elasticity of Demand and Supply. 2 What is total revenue? Price multiplied by the quantity sold at that price P X Q.
AGEC 640 – Agricultural Policy Thursday, September 18 th , 2014 Nutrition and Food Markets
CHAPTER 5 Elasticity
CHAPTER 5 Elasticity. 2 What you will learn in this chapter: What is the definition of elasticity? What is the meaning and importance of price elasticity.
Elasticity Chapter 6 THIRD EDITIONECONOMICS and MICROECONOMICS MICROECONOMICS Paul Krugman | Robin Wells.