Excellent study tool to revise the Elasticity section of the A-level Economics syllabus. This is tailored to the Edexcel specification but can also be used for other exam boards.
This is a relevant resource for both first-year and second-year students to revise or learn from and get the best pos...
Deman What is the law of demand?
d Recap
How does the concept of marginal utility help
explain the shape of the demand curve?
What causes a movement along a demand
curve?
What are the factors that can cause a
demand curve to shift? PIRATES may
help!
Why is ceteris paribus such an important
concept when discussing demand?
,Factors Causing a
Shift in Demand
• Population
• Income
• Related goods
• Advertising
• Tastes
• Expectations
• Seasons
, 1.2 - How
markets
work
1.2.3 -
Elasticity
• Price elasticity of demand (PED)
• Income elasticity of demand
(YED)
• Cross elasticity of demand (XED)
, • What is it?
• How do we calculate it?
• What do different values mean?
• What does it look like on a demand
curve?
• What causes the values to differ?
• How is this information useful?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller gurneek. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £2.99. You're not tied to anything after your purchase.
