The Economic Problem and Markets · Supply & Demand
Price Elasticity of Demand
Measuring the responsiveness of consumers to changes in price and its impact on total revenue.
Key Questions
- 1Why do some products remain in high demand despite significant price increases?
- 2How can firms use elasticity data to maximize profit?
- 3What role does necessity play in consumer decision making?
National Curriculum Attainment Targets
GCSE: Economics - How Markets WorkGCSE: Economics - Price Elasticity of Demand
Year: Year 11
Subject: Economics
Unit: The Economic Problem and Markets
Period: Supply & Demand
Suggested Methodologies
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