Economics: Elasticity of Prices

In this economics learning exercise, students define elasticity, calculate ranges of elasticity, and label diagrams pertaining to the concept of elasticity.

Discussing first the elasticity of demand and then the element of supply, these slides present graphs and bullet points that would easily supplement your economics lecture. Viewers will appreciate the pacing of the slides, making it easy...

What is the difference between elastic and inelastic demands? Review these concepts, as well as cross prices, elasticity of supply, and income elasticity, with your class members after taking a look at this video.

Read about how elasticity affects tax revenue. This resource is designed for young scholars who are taking a college-level microeconomics course.

Video lecture explores the price of one good effecting quantity demanded of another. [11:20]

Practice what you've learned about cross-price elasticity of demand in this four-question exercise.

This video explains how the price of one good impacts the quantity demanded of another. [11:19]

Elasticity also applies in labor markets and in financial capital markets.

Practice what you've learned about income elasticity of demand in this four-question exercise.

Students analyze the meaning of the business term, elasticity, and discuss the main elasticity concepts of price, income, and cross elasticity. They manipulate and demonstrate various business formulas.