1. Elasticity Price elasticity demand supply Cross elasticity Income elasticity 2. Basic idea We know when P Qd Qs holding other factors constant 3. but how much? if price…
State Innovation Models (SIM) Update November 14, 2013 TRACKER Unit of measure PRELIMINARY PREDECISIONAL WORKING DOCUMENT: SUBJECT TO CHANGE * Agenda for today Summary of…
Elasticity Price elasticity demand supply Cross elasticity Income elasticity Basic idea We know when P Qd Qs holding other factors constant but how much? if price doubles…