Study resource on Microeconomic principles that will help provide an understanding of elasticity - a measure of the responsiveness of an economic variable in response to a change in another economic variable.
This resource covers:
- 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
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£2.50