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Learning Objectives
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1. Use the terms price elasticity of supply and price elasticity of demand to describe the responsiveness of quantities to changes in price.

2. Calculate elasticity graphically and numerically.

3. Distinguish five elasticity terms that are used to differentiate varying degrees of responsiveness.

4. Explain the importance of substitution in determining elasticity of supply and demand.

5. Relate price elasticity of demand to total revenue.

6. State how other elasticity concepts are useful in describing the effect of shift factors on demand.

7. Explain how the concept of elasticity makes supply and demand analysis more useful.





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