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Livel 1 Book 2 - Economics

Elasticity is a measure ofthe ratio ofthe percentage change in one variable to the percentage change in another variable. It is commonly used as a measure of how sensitive the quantity demanded is to changes in the price of a good. After learning all about price elasticity of demand, learn how to apply this concept to calculate and interpret the cross elasticity of demand, the income elasticity of demand, and the elasticity of supply. You must also gain a good understanding of the factors that inHuer1ce a good’s elasticity of demand and elasticity of supply.

Từ khóa: fiscal policy, business cycles, money, the price level, inflation, markets in action

212 p tieuhoa 17/01/2013 237 2

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