Economics (BUS128)

This document provides a comprehensive overview of elasticities, a key concept in economics, summarizing the notes on various types of elasticities, including price elasticity of supply (PES), price elasticity of demand (PED), income elasticity of demand (YED), and cross-price elasticity of demand (XED). It explains the formula, determinants, ranges, and includes graphical representations where applicable. The document also discusses how expenditure and total revenue are connected to elasticitie...

This document is an essential resource for understanding how consumers make purchasing decisions in economic contexts, packed with detailed explanations and practical examples. Here’s what you’ll find: 1. Standard Economic Model: - Explanation of the classical theory of consumer behavior, based on rational decision-making. - Key assumptions like utility maximization, self-interest, and how income and prices shape consumer choices. 2. Value, Utility, and Marginal Utility: - ...