1. For those of you who missed it... Absolute Value!!! 2. 1. 2.3. 4.5. 6. Domain: (- ∞ , ∞ ) Range:[2, ∞ ) Domain: (- ∞ , ∞ ) Range:(- ∞, -2] Domain: (- ∞ ,…

Slide 1 1 of 29 Lecture 5 Elasticity Price Elasticity of Demand Slope and Elasticity Types of Elasticity Calculating Elasticities Calculating Percentage Changes Elasticity…

Slide 1 1 Elasticity Chapter 5 Slide 2 2 ELASTICITY elasticity A general concept used to quantify the response in one variable when another variable changes. Slide 3 3 Slide…

* of 31 5 Elasticity Price Elasticity of Demand Slope and Elasticity Types of Elasticity Calculating Elasticities Calculating Percentage Changes Elasticity Is a Ratio of…

The Concept of Elasticity How large is the response of producers and consumers to changes in price? Before business firms and the government decide to change prices and taxes,…

* of 29 Lecture 5 Elasticity Price Elasticity of Demand Slope and Elasticity Types of Elasticity Calculating Elasticities Calculating Percentage Changes Elasticity Is a Ratio…

Principles of Microeconomics, Case/Fair/Oster, 10e Prepared by: Fernando Quijano & Shelly Tefft CASE FAIR OSTER PART I Introduction to Economics © 2012 Pearson Education…