'Perfectly inelastic supply' presentation slideshows

Chapter 5

Chapter 5. Elasticity and Its Applications. Chapter Outline. The Elasticity of Demand The Elasticity of Supply Using Elasticities for Quick Predictions (Optional ) Takeaway Appendix 1: Using Excel to Calculate Elasticities Appendix 2: Other Types of Elasticities. Elasticity of Demand.

1.55k views • 103 slides

Commodity Markets

Commodity Markets. Chap. 3, 4. Oil Prices. Link. Oil Prices Rise, Production Stays Flat. Link. BP Statistical Review 2010. Why are commodity prices so volatile?. Prices are shifted by changes in supply and demand.

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Law of Demand

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Gassing up: A hard habit to break.

What you will learn in this chapter: ? The definition of elasticity , a measure of responsiveness to changes in prices or incomes ? The importance of the price elasticity of demand , which measures the responsiveness of the quantity demanded to price

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Essential Question:

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