Market Dynamics and Resource Allocation · Microeconomics
Elasticity and Consumer Choice
Investigates the responsiveness of demand and supply to changes in price and income.
Key Questions
- 1Why do some products remain in high demand regardless of price hikes?
- 2What trade-offs does this policy create for revenue collection?
- 3How does elasticity influence the incidence of a tax?
ACARA Content Descriptions
AC9EC12K02
Year: Year 12
Subject: Economics & Business
Unit: Market Dynamics and Resource Allocation
Period: Microeconomics
Suggested Methodologies
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