Elasticities

__** Elasticities: **__ Elasticity simply refers to how responsive one variable is to changes in another. You need to know the definitions of each type of elasticity, how to calculate elasticity and, more importantly, what is the significance of the values of elasticity for businesses and the government.


 * For Price Elasticity of Demand, Cross Elasticity of Demand and Income Elasticity of Demand see hardcopy of 'A-Level Economics' worksheet.
 * Video link: Price elasticity of Demand
 * Video link: Cross elasticity of Demand
 * Video link: Income elasticity of Demand
 * Price elasticity of supply notes: [[file:Price Elasticity of Supply 2.docx]]
 * Summary of all four types of elasticity:

Elasticity exercises & data response using elasticities

 * Exercise 1: Using elasticity values: [[file:Case study on elasticities.docx]]
 * Exercise 2: Multiple Choice- elasticities: [[file:Multiple Choice- Elasticities.pdf]]

Answers to Multiple Choice:
 * Exercise 3: Data response example:[[file:Data response May 05.pdf]]
 * Mark scheme: [[file:Data response May 05 answers.pdf]]
 * Exercise 4: Data response example: [[file:Data response May 09.pdf]]
 * Mark scheme: [[file:Data response May 09 answers.pdf]]