Class Notes (834,026)
Canada (508,290)
Economics (1,294)
ECN 110 (26)
Lecture

chapter 3

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Department
Economics
Course
ECN 110
Professor
Tsogbadral Galaabaatar
Semester
Spring

Description
COMPETITIVE DYNAMICS AND GOVERNMENT ELASTICITY1 WHY STUDY ELASTICITY1 Micro Level Applications2 Macro Level Applications2 PRICE ELASTICITY OF DEMAND1 Definition A measure of the responsiveness of buyers to a change in the price of a product or resource2 The Price Elasticity Coefficient and Formula Percentage change in quantity demanded of product XEdPercentage change in price of product X3 Using Averages MidPoint Formula4 Price Elasticity Ranges1 Relatively Elastic2 Relatively Inelastic3 Perfectly Elastic4 Perfectly Inelastic5 Unit Elastic 5 Elasticity and Total Revenue1
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