Monday, January 28, 2013

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



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