Talk About: -Equality of Opportunity

question 16

Essay

Talk About:
-Equality of opportunity

Understand the concept of price elasticity of demand and its calculation using different methods.

Identify factors affecting price elasticity of demand including time horizon, availability of close substitutes, definition of the market, and whether a good is a necessity or a luxury.

Analyze the effect of price changes on quantity demanded using the concept of elasticity.

Determine the relationship between price elasticity and total revenue.