Set 1 - Principles of Demand and Supply
Resource Bundle
A compilation of Microeconomic study resources that focus on principles relating to the market forces of demand and supply.
It covers:
Demand and Supply
- Demand
- Law of demand
- Determinants of demand
- Changes in demand
- Supply
- Law of supply
- Determinants of supply
- Changes in supply
- Interaction of demand and supply (equilibrium)
Different Types of Demand and Supply - Joint demand
- Competitive demand
- Composite demand
- Derived demand
- Joint supply
- Competitive supply
** Elasticity** - Price elasticity of demand (PED)
- Relationship between PED and total revenue
- Income elasticity of demand (YED)
- Cross elasticity of demand (XED)
- Price elasticity of supply (PES)
- Applications and uses of the different kinds of elasticity
Consumer and Producer Surplus - Consumer surplus
- Price changes and consumer surplus
- Producer surplus
- Price changes and consumer surplus
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£6.00