Microeconomics Study Guide, Section II: Elasticities

How much should Nirali study for her history and economics exams if she has a limited amount of time for both? Scholars consider opportunity cost in using this real-world scenario from College Board. Other questions include looking at a...

A series of economic activities should keep your class busy for a while. Six different worksheets review the concepts of price elasticity, demand, and U.S. economics. Multiple real-world applications and scenarios house each of the ten...

How can a bakery—one of several in town—maximize its profits? A case study from College Board asks scholars to consider the question. Other practice queries examine the price and benefits of buying certain goods for one consumer and look...

Two stores are trying to decide where to put their new location to maximize profit? Young economists evaluate the question using authentic materials from College Board. Other queries involve evaluating the effects of government subsidies...

Two transportation companies must decide the best way to compete. How will that decision affect their prices? Using College Board materials, future test takers examine the problem and think critically to solve it. Other prompts examine...

In less than 19 minutes, review all the key microeconomics concepts you'll need to know and remember for the big exam with this excellent video review! Beginning with the basics of supply and demand and key graphs to market failures and...

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.

What is dead weight loss in microeconomics, and how does it relate to efficiency in a monopoly and society as a whole? An economics instructor explains these concepts in detail in a brief five-minute video.

When prices go up in an elastic demand curve, what happens to total revenue? Your young economists will learn about this concept as they watch an engaging and informative speaker illustrate what happens through drawing different...

What happens when the price of an item goes up or down? Does the shift automatically affect the purchasing of that item? Historians use a short podcast to research the idea of elasticity on demand. They analyze the impact a price of an...