Summary
Summary ECON101- Elasticity
- Institution
- University Of KwaZulu-Natal (UKZN)
- Book
- Economics
CONTENT Price Elasticity of Demand More Elasticities of Demand Price elasticity of Supply
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Economics 101ELASTICITY
,TUTOR PROFILE
Ntuthuko Hlela
- Economic Tutor at the University of KwaZulu Natal [UKZN].
- Member of the Golden Key Society for 2 consecutive years.
- Top Economics student at the University of KwaZulu Natal for 3
consecutive years.
,Content
1) Price Elasticity of Demand
2) More Elasticities of Demand
3) Price elasticity of Supply
4) What is next?
, Introduction
If the price of Pizza increases by R20 tomorrow, will you still buy it?
How about if it increases by R50? How about R100? R150? The answ
to this question is subjective. This chapter will enable us to study the
responsiveness of demanders─ and firms─ to changes in price.
This chapter introduces you to a key concept that is of tremendous
importance in all areas of economics: elasticity. Elasticity is a tool tha
addresses the quantitative questions like the ones above and enable
us to compare the sensitivity of the quantity demanded to a change
price regardless the units in which the good is measured.
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