Chapter 4 from the text book of
Elasticity . . .
is a measure of how much buyers and
sellers respond to changes in market
allows us to analyze supply and demand
with greater precision.
1. Price Elastic
Chapter 2. Supply and Demand
Intuitively, graphically, and
What Is a Market?
A group of buyers and sellers of a
particular good or service
What Is Competition?
The market for ice cream, like most markets in the economy, is highly
Lecture 4 Consumer Choice
To answer questions about individual decision making, we need a model
of individual behavior. Our model of consumer behavior is based on the
Individual tastes or preferences determin
Ten Principles of Economics
What Economics Is All About
Scarcity: the limited nature of societys resources
Economics: the study of how society manages its
scarce resources, e.g.
how people decide what to buy,
how much to work, sav
Lecture: 1 Introduction
What is microeconomics?
The study of the allocation of scarce resources
Scarcity is the mother of economics
The study of supply and demand
(e.g., gasoline, food)
How do you study microeconomics?