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Menu_14_Sep_10

Menu_14_Sep_10 - e Key relationship with total revenue i...

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TODAY’S MENU: Tuesday 14 September 2010 I. BUSINESS A . Practice Problems 1. Chapter 7: 1-4, 7, 8, 11-17, 20, 24, 25 B. First Exam: Next time II. SUBSTANCE A. Elasticity 1. Price elasticity of demand – how buyers respond to change in price a. Definition b. Measure i. Elastic ii. Inelastic iii. Unit elastic c. Determinants i. Number and availability of substitutes ii. Necessity or luxury iii. Proportion of budget spent on good iv. Time d. Graphically
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Unformatted text preview: e. Key: relationship with total revenue i. Price discrimination ii. Examples 2. Price elasticity of supply a. Definition b. Measure i. Elastic ii. Inelastic iii. Unit elastic c. Determinant i. Time d. Graphically 3. Cross-price elasticity of demand a. Definition b. Measure 4. Income elasticity of demand a. Definition b. Measure III. NEXT TIME A. First Exam over Chapters 1, 2, 4, 5, 7...
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