Lecture Principles of Microeconomics - Chapter 4: Elasticities. After reading this chapter, you should be able to answer the following questions: What is price elasticity of demand? What are categories of demand elasticity and what factors influence them? What is the relationship between demand elasticity and total revenue? What is income elasticity of demand? What is cross elasticity of demand? What is price elasticity of supply? What are categories of supply elasticity and what factors influence them? |
