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Price Elasticity: From Tires to Toothpicks

In this lesson, students gain an understanding of price elasticity of demand and why different goods have different degrees of elasticity. Specifically, the students will learn to: Apply the law of demand to the price elasticity of demand; Define price elasticity of demand, Understand the factors that determine whether the price elasticity of demand is elastic or inelastic, Compare the elasticities of different goods, and Calculate the price elasticity of a good.
Disciplines:
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More about this material

Material Type:
Tutorial
Date Added to MERLOT:
August 27, 2005
Date Modified in MERLOT:
June 12, 2018
Author:
 
Submitter:
Cathy Swift
Asian American, Native American, Pacific Islander Serving Institution Hispanic Serving Institution
Primary Audience:
High School, College General Ed
Mobile Compatibility:
Not specified at this time
Language:
English
Cost Involved:
No
Source Code Available:
No
Creative Commons:
No

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