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CB2: Business Economics Exam Prep (CB2)
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Module 2
Elasticity and Its Applications
1
Price Elasticity of Demand: Point and Midpoint Methods
Calculate price elasticity of demand using point and midpoint methods.
Elasticity, Revenue, and Pricing Strategies
Determine the relationship between price elasticity of demand and total revenue, and compute revenue changes from price changes.
3
Income Elasticity of Demand
Calculate income elasticity of demand and classify goods as normal, inferior, or luxury.
4
Cross-Price Elasticity: Substitutes & Complements
Calculate cross-price elasticity of demand and classify pairs of goods as substitutes or complements.
5
Price Elasticity of Supply: Calculation and Determinants
Calculate price elasticity of supply and identify factors affecting its magnitude.
Previous module
Foundations of Economic Analysis
Next module
Consumer Choice Theory