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Economics 111: Elasticity Concepts Guide

The document is a learning guide for Economics 111 at the University of Wisconsin, detailing the reading and problem assignments due on September 19, 2024. It outlines objectives related to understanding elasticity, including its definition, calculation, and implications for demand and supply. Students are expected to analyze various types of elasticity and their effects on total revenues and goods classification.

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44 views2 pages

Economics 111: Elasticity Concepts Guide

The document is a learning guide for Economics 111 at the University of Wisconsin, detailing the reading and problem assignments due on September 19, 2024. It outlines objectives related to understanding elasticity, including its definition, calculation, and implications for demand and supply. Students are expected to analyze various types of elasticity and their effects on total revenues and goods classification.

Uploaded by

tommyyothsackda
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

University of Wisconsin

Department of Economics
Economics 111: Principles of Economics - Accelerated Treatment

Korinna K. Hansen

Learning Guide 2

Due Date: Thursday, September 19, 2024.

Reading Assignment: Case & Fair Chapter 5

Problem Assignment: Problems 1/


2.1, 2. 2, 2.4, 2.7, 2.11 in pages 108-110.

Objectives: After completing the assignment, you should be able to do the following:

1. Define what elasticity is and know how to calculate it.

2. Know the exact relationship between demand elasticity and slope of the demand curve.

3. Given the type of the demand (elastic or inelastic) predict the effect of a price change on the
total revenues.

4. Name the determinants of demand elasticity and explain how they affect the value of
elasticity.

5. Given the value of income elasticity of demand identify goods as normal, or inferior goods.

6. Given the value of cross elasticity of demand identify substitutes or complementary goods.

7. Given the value of the elasticity of supply identify goods with elastic and inelastic supply.
2 ) .
+ 2 2 .

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&
bi -
2 = 50 -10 =
x >
-

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3 8
. - > elastic

neither s unit elustic

e Yes
Yess
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2

2 . 4

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a

Sob

2 7 .
.
perfect
Jaxi cubs inelastic &
are ,
inclusticity
they sure

Tr :
PXQ
Pr + QL

2 11
.

(1 ,
5) :>
unitary clasticing

:
E. Elastic
-

-. A In :

is inelastic

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