Supply Practice Problems

Practice Problems for Supply!

Elasticity of Demand + Price Ceiling/Floor

Notes on the Elasticity of Demand!

• Elastic = >1
• Inelastic = <1
• Unitary = 1
• Take absolute value of Elasticity of Demand
• Total Revenue
• Formulas for Costs!
• Price Ceiling and Price Floor

Supply & Demand Practice

Practice for Supple & Demand!

NOTESHEET: DEMAND & SUPPLY

Notes on Demand vs Supply!

• Demand - Sand, Supply - Sky
• Demand - Inverse relationship, Supply - Direct realtionship
• Determinants for both Supply and Demand

Unit 1 - Basic Economic Concepts

 Unit 1

These are the first notes that we took for this class! Here are some key notes to look over:

• Macroeconomics V. Microeconomics
• Positive V. Normative
• Scarcity V. Shortage
• Wants V. Needs
• Goods V. Services
• Four Factors of Production
• PPC, PPG, and PPF
• Movements along PPC
• Assumptions made for Graphs