Markets and Price Determination · Supply & Demand
Elasticity Concepts
Measuring the responsiveness of consumers and producers to changes in price, income, and related goods.
Key Questions
- 1Why do firms need to understand the price sensitivity of their customers?
- 2How does the nature of a product influence its demand elasticity?
- 3What trade-offs does a government face when taxing goods with different elasticities?
MOE Syllabus Outcomes
MOE: Price Elasticity and Applications - JC1
Level: JC 1
Subject: Economics
Unit: Markets and Price Determination
Period: Supply & Demand
Suggested Methodologies
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