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CFA Level 1 Economics
·
Module 2
Elasticity and Its Applications
1
Price Elasticity of Demand: Definition and Calculation
Define and calculate price elasticity of demand.
2
Price Elasticity of Demand: Classification and Determinants
Classify demand as elastic, inelastic, or unit elastic and describe the determinants of price elasticity.
3
Elasticity and Total Revenue
Relate price elasticity of demand to the effect of a price change on total revenue.
4
Income Elasticity of Demand: Normal vs. Inferior Goods
Define and calculate income elasticity of demand and distinguish between normal and inferior goods.
5
Cross-Price Elasticity: Substitutes vs. Complements
Define and calculate cross-price elasticity of demand and distinguish between substitutes and complements.
6
Price Elasticity of Supply: Definition, Calculation, and Determinants
Define and calculate price elasticity of supply and explain its determinants.
7
Elasticity in Market Analysis: CFA-Style Problems
Apply elasticity concepts to solve CFA-style problems involving market changes.
Previous module
Foundations of Demand, Supply, and Market Efficiency
Next module
The Firm: Production and Costs