All posts by Scorcia

Elasticity of Supply

Questions you will be able to answer:

  1. Why is supply elasticity an advantage for businesses?
  2. What factors affect supply elasticity?
  3. What do inelastic/elastic supply and demand models look like?

Additional Practice and Review

Read 98-101

Check Your Understanding 1 a,b

Elasticity of Demand

Questions you will be able to answer:

  1. What impact does price have on demand?
  2. How can we measure the impact a price increase or decrease will have on demand?
  3. How can decision makers use this information?

Elasticity of Demand

Coefficient of demand = (% change in demand / % change in price)

Inelastic demand: Coefficient of demand < 1

Elastic Demand: Coefficient of demand > 1

Unitary Demand: Coefficient of demand = 1

Additional Practice and Review
Read Pages 95-97
Check Your Understanding 1-4

Download (PDF, 5.92MB)

 

Updated Due Dates

  1. In Our Time Project Part 1 –  Due Friday, October 13th
  2.  Case Conference Practice Run – Tuesday, October 10th
  3.  Case Conference – Minimum Wage – October 16th-17th