Price Discovery: Supply and Demand · Supply & Demand
Elasticity of Demand and Supply
Measuring the responsiveness of consumers and producers to changes in price and income.
Key Questions
- 1Why do some goods remain in demand regardless of steep price increases?
- 2Who benefits and who bears the costs of a tax on inelastic goods?
- 3How does time affect the elasticity of supply for producers?
Ontario Curriculum Expectations
ON: Market Models and Economic Structures - Grade 12ON: Price Determination - Grade 12
Grade: Grade 12
Subject: Economics
Unit: Price Discovery: Supply and Demand
Period: Supply & Demand
Suggested Methodologies
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