The Economic Problem and Markets · Microeconomics

Consumer Behavior and Elasticity

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

Key Questions

  1. 1Why do some goods remain in high demand regardless of price hikes?
  2. 2How can firms use elasticity data to maximize total revenue?
  3. 3What trade-offs does a government face when taxing inelastic goods?

National Curriculum Attainment Targets

A-Level: Economics - Consumer BehaviourA-Level: Economics - Price, Income and Cross-Elasticities of Demand
Year: Year 12
Subject: Economics
Unit: The Economic Problem and Markets
Period: Microeconomics

Suggested Methodologies

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