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Title: Elasticities - THE ONLY ECONOMICS REVISION SHEETS YOU'LL NEED!
Description: THE ONLY ECONOMICS REVISION SHEETS YOU'LL NEED! A crib sheet with everything you need to know about Elasticities from an Economics perspective. Originally written as revision for my IB Higher Level Economics exams, these are handy for anyone studying GCSE Economics all the way up to those at university, such as myself (Management at University of Warwick). BE SURE TO CHECK OUT THE REST OF MY NOTES - I have notes for sale covering the whole of the IB Higher Level Economics course, which can also be used in a variety of different qualifications.
Description: THE ONLY ECONOMICS REVISION SHEETS YOU'LL NEED! A crib sheet with everything you need to know about Elasticities from an Economics perspective. Originally written as revision for my IB Higher Level Economics exams, these are handy for anyone studying GCSE Economics all the way up to those at university, such as myself (Management at University of Warwick). BE SURE TO CHECK OUT THE REST OF MY NOTES - I have notes for sale covering the whole of the IB Higher Level Economics course, which can also be used in a variety of different qualifications.
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Microeconomics
2
...
g
...
g
...
25
- Degree of necessity
Q
Quantity
Q1
PED varies along demand curve, with TRmax at
PED = 1
5
• necessity good → price inelastic
• luxury good → price elastic
PED = 2: elastic
4
Price
- Proportion of income
• ↑% → price elastic
- Time period following a price change
Q
Quantity
PED = 1: unitary elasticity
3
PED = 0
...
g
...
g
...
g
...
and ↑FoP
• e
...
farms/agriculture
- Ability to store stock/finished products
• perishable goods → price inelastic
• white goods → price elastic
Cross elasticity of demand
XED = %ΔQa / %ΔQb
- XED: measures the responsiveness of
demand for one product following a change in
price in another
- Substitutes
• e
...
Pepsi & Coca-Cola
• Sign is always positive (+)
- Complements
• e
...
golf balls & clubs
• Sign is always negative (-)
2
...
g
...
g
...
g
...
g
Title: Elasticities - THE ONLY ECONOMICS REVISION SHEETS YOU'LL NEED!
Description: THE ONLY ECONOMICS REVISION SHEETS YOU'LL NEED! A crib sheet with everything you need to know about Elasticities from an Economics perspective. Originally written as revision for my IB Higher Level Economics exams, these are handy for anyone studying GCSE Economics all the way up to those at university, such as myself (Management at University of Warwick). BE SURE TO CHECK OUT THE REST OF MY NOTES - I have notes for sale covering the whole of the IB Higher Level Economics course, which can also be used in a variety of different qualifications.
Description: THE ONLY ECONOMICS REVISION SHEETS YOU'LL NEED! A crib sheet with everything you need to know about Elasticities from an Economics perspective. Originally written as revision for my IB Higher Level Economics exams, these are handy for anyone studying GCSE Economics all the way up to those at university, such as myself (Management at University of Warwick). BE SURE TO CHECK OUT THE REST OF MY NOTES - I have notes for sale covering the whole of the IB Higher Level Economics course, which can also be used in a variety of different qualifications.