Economics > Study Notes > Market Behaviour: Markets in action (All)
Market Behaviour: Markets in action
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Learning Objectives 1. Define the price elasticity of demand and understand how to calculate it. 2. Understand the determinants of the price elasticity of demand. 3. Understand the relationship b ... etween the price elasticity of demand and total revenue. 4. Define the cross-price elasticity of demand and the income elasticity of demand, and understand their determinants and how they are calculated.Learning Objectives 5. Use price elasticity and income elasticity to analyse economic issues. 6. Define the elasticity of supply, and understand its main determinants and how it is calculated. 7. To investigate the effects on markets of government intervention, i.e. price ceilings, price floors and taxes.Copyright 2004 McGraw-Hill Australia Pty Ltd PPTs t/a Microeconomics 7/e by Jackson and McIver Slides prepared by Muni Perumal, University of Canberra, Australia. 4 Price Elasticity of Demand • The price elasticity of demand is the measure of the responsiveness of the quantity demanded to a change in price of a product [Show More]
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