Title
(2) Price Elasticity of Demand II: Some Interesting Relations
Topic Category
Price Elasticity of Demand
Publication Date
2011
Keywords
Elasticity, Price Elasticity, Price Elasticity and Demand Curve Shape, Price Elasticity along a Demand Curve, Price Elasticity and Firm Revenues
Abstract
This extends the discussion of Price Elasticity of Demand. It explains how price elasticity is related to demand curves, both their general shapes and at different locations along a linear demand curve. The connection between price elasticity, price changes, and firm total revenues is explained.
Recommended Citation
Crane, Steven E., "(2) Price Elasticity of Demand II: Some Interesting Relations" (2011). Principles of Microeconomics. Paper 62.
http://epublications.marquette.edu/microecon_learning/62
Run Time
9:31
Primary Discipline
Microeconomics
Skills Delivered
Ability to explain how price elasticity relates to the shape of a demand curve and how elasticity changes along a demand curve. Understanding of how price elasticity relates to firm total revenues.
Rigor Level
2000
Prerequisites
Previous Demand, Supply, & Market, & Elasticity Videos