Elasticity and Its Application by James DeNicco

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About the Lecture

The lecture Elasticity and Its Application by James DeNicco is from the course Principles of Microeconomics (EN). It contains the following chapters:

  • A Closer Look at Elasticity
  • Determinants of Demand Elasticity
  • Computing Price Elasticity of Demand
  • Variety of Demand Curves
  • The Impact of Elasticity on Revenue
  • The Income and Cross-Price Elasticity of Demand
  • The Price Elasticity of Supply
  • Recap

Included Quiz Questions

  1. Luxuries tend to be more elastic than necessities.
  2. Broader markets tend to be less elastic.
  3. Goods with close substitutes tend to be less elastic.
  4. Goods tend to be less elastic over longer time horizons.
  1. 2; elastic
  2. 2; inelastic
  3. ½; inelastic
  4. ½; elastic
  1. When demand is elastic, price and total revenue move in the opposite directions.
  2. When demand is inelastic, price and total revenue move in the opposite directions.
  3. When demand is elastic, price and total revenue move in the same direction.
  4. When demand is unit elastic, price and total revenue move in the opposite directions.
  1. -0.51; complements
  2. -0.51; substitutes
  3. -1.95; complements
  4. -1.95; substitutes

Author of lecture Elasticity and Its Application

 James DeNicco

James DeNicco


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