ECO 372 Week 1 participation Principles of Macroeconomics, Ch. 5: Elasticity and Its Application

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ECO 372 Week 1 participation Principles of Macroeconomics, Ch. 5: Elasticity and Its Application
ECO 372 Week 1 participation Principles of Macroeconomics, Ch. 5: Elasticity and Its Application
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ECO 372 Week 1 participation Principles of Macroeconomics, Ch. 5: Elasticity and Its Application

Consider the following as you read:

  1. Consider how to define the price elasticity of demand and the income elasticity of demand.

  2. Consider how to explain the four determinants of the price elasticity of demand.

  3. Consider if a fixed quantity of a good is available, and no more can be made, what is the price elasticity of supply?