The Elasticity of Demand
Learning how to calculate elasticity takes practice. Here
are some review questions regarding the elasticity of
demand. Determine whether the demand is elastic,
inelastic, unit elastic, or cant tell.
1. Split Lip Community College
glag'HC/‘r 5% TOM Revenue
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Think, pair, share:
Q: if the price of waffle cone pieces goes up, what happens to the demand for ice cream: increases,
decreases, or does not change?
Q: in general, if the price of whipped cream rises, what happe
Comparative Advantage Example
Employee Daily Work Effort
Ann Jones 4 hours
Ned Lopez 4 hours
Who has the absolute advantage in jacket production?
Who has the absolute advantage in tie production?
Who has the com
Rob and Sara. editors of the Central High
School yearbook. have a big problem. lt is
Monday after school. and they have just discm-
ered that six pages of the yearbook sports sec»
tion somehow got mixed up
COMPARATIVE ADVANTAGE AND
Comparative advantage is a \'€T‘_V important
concept in economics because it prmides the
basis for trade between indix'iduals. for trade
within a country. and for international trad
I found something cool on the web. You can download a piece of software free of charge and
get some really neat tools to learn more about how many of the graphs we have covered recently
work. For example, you can see how changes in elasticity change relat
WHY PEOPLE AND NATIONS TRADE
The term "international trade" is somewhat
misleading. it may sound as it international
trade decisions are made by higlrranlving gov»
ernment officials. but for the most part this is
not true. intern