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September 19, 2021 

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Lesson Contents
Unit 1: An Overview
  • Elasticity And Demand
  • Price Elasticity Of Demand
  • Upon Further Review
  • Unit 1 Summary
  • Unit 2: The Continuum
  • Relative Adjustments
  • Five Alternatives
  • Three Of Five
  • Two Of Five
  • Unit 2 Summary
  • Unit 3: Measurement
  • Doing The Numbers
  • A Range Of Values
  • The Demand Curve
  • Slope And Elasticity
  • Changing Elasticity
  • Total Revenue
  • Expenditures And Elasticity
  • Unit 3 Summary
  • Unit 4: Determinants
  • Substitute Availability
  • Time Period
  • Budget Proportion
  • Unit 4 Summary
  • Unit 5: Other Measures
  • Price Elasticity Of Supply
  • Income Elasticity Of Demand
  • Cross Elasticity Of Demand
  • Unit 5 Summary
  • Course Home
    Elasticity and Demand

    Elasticity is the relative responsiveness of one variable to changes in another variable. Economists find this notion of elasticity quite useful in the study of markets. In this lesson, we examine the basics of demand elasticity, especially the price elasticity of demand.

    • The first unit of this lesson, An Overview, gets us started with a review of several concepts related to elasticity and demand.
    • In the second unit, The Continuum, we take a close look at how the five elasticity alternatives are reflected by demand curves.
    • The third unit, Measurement, runs through some numbers for measuring the price elasticity of demand, and how elasticity values related to a straightline demand curve.
    • The fourth unit, Determinants, examines how the three determinants of elasticity affect the elasticity coefficient.
    • The fifth unit and final unit, Other, closes this lesson by introducing examine three related elasticity measures.

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    SCARCE

    A condition in which a given good or resource is limited relative to its desired uses. This is a special condition of the general condition of scarcity. A scarce good or resource is typically exchanged through markets and carries a positive price.

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    APLS

    BROWN PRAGMATOX
    [What's This?]

    Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.
    Your Complete Scope

    This isn't me! What am I?

    The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
    "When you play, play hard; when you work, don't play at all. "

    -- Theodore Roosevelt, 26th US president

    CPI
    Consumer Price Index
    A PEDestrian's Guide
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