Prices and Markets Lecture
Principles of economics end of chapter there are review questions
solutions are on black board
What is economics?
Is the science which studies human behaviour as a
relationship between ends (wants) and scarce means
Assessment One - Practice Quiz
1. Suppose the value of the price elasticity of demand is -2. What does this mean?
A) A 1 per cent increase in the price of the good causes quantity demanded to increase by 2 per cent.
B) A 1 per cent increase in the price o
Topic 3: Elasticities selected solutions
Revision Exercise Number 1
Explain how each of the following factors is likely to impact on the price elasticity of demand for mobile
Ceteris paribus (all else remains the same) is assume