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Economics Lecture Three (view source)
Revision as of 21:43, September 15, 2009
, 21:43, September 15, 2009→Assignment: better
Read and, if necessary, reread the above lecture. Complete the homework assignments through the level in which you choose to enroll in this course:
Read and, if necessary, reread the above lecture. Complete the homework assignments through the level in which you choose to enroll in this course:
1. Give an example of a good that has high price elasticity, meaning that a small decrease in price causes a big increase in demand.
1. Give an example of a good that has a large price elasticity, meaning that a small decrease in price causes a big increase in demand.
2. Explain the concept of income elasticity.
2. Explain the concept of income elasticity.