ECO 372 Week 1 participation Principles of Macroeconomics, Ch. 5: Elasticity and Its Application

ECO 372 Week 1 participation Principles of Macroeconomics, Ch. 5: Elasticity and Its Application

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 ECO 372 Week 1 participation Principles of Macroeconomics, Ch. 5: Elasticity and Its Application
 

Consider the following as you read:

 

 

 

Consider how to define the price elasticity of demand and the income elasticity of demand.
 

 

Consider how to explain the four determinants of the price elasticity of demand.
 

 

Consider if a fixed quantity of a good is available, and no more can be made, what is the price elasticity of supply?
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