This assignment will help students understand the concepts of elasticity in economics. Main concepts include: Price Elasticity of Demand, Perfectly Elastic and Inelastic Demand Curves, Total Revenue Test, Income Elasticity of Demand and how to tell if goods are normal or inferior, Cross-Price Elasticity of Demand and how to tell if goods are complements or substitutes. Each section is accompanied by a brief tutorial.
- 6 Page Assignment
- 6 Page Answer Key