The Price Mechanism · Microeconomics

Elasticity of Demand and Supply

Measuring how responsive consumers and producers are to changes in price and income.

Key Questions

  1. 1Why do some products remain in high demand regardless of price hikes?
  2. 2What trade-offs does this policy create for businesses setting prices?
  3. 3How does time influence the elasticity of a supply curve?

ACARA Content Descriptions

AC9EC11K04
Year: Year 11
Subject: Economics & Business
Unit: The Price Mechanism
Period: Microeconomics

Suggested Methodologies

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