Markets in Action: Supply and Demand · Microeconomics
Elasticity and Consumer Sensitivity
Measuring how responsive consumers and producers are to changes in price and income.
Key Questions
- 1Why are some goods considered necessities regardless of price increases?
- 2How does the availability of substitutes affect the elasticity of demand?
- 3How can businesses use elasticity data to maximize their total revenue?
Ontario Curriculum Expectations
ON: Market Operations - Grade 10ON: Consumer Behaviour - Grade 10
Grade: Grade 10
Subject: Economics
Unit: Markets in Action: Supply and Demand
Period: Microeconomics
Suggested Methodologies
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