Elasticity of supply and demand. | Custom Essay …
There are mainly two types of elasticity, the elasticity of demand which includes price elasticity of demand, income elasticity of demand, and cross elasticity of demand as well as elasticity of supply (McConnell, Brue, & Flynn, 2009)ii.
Custom Supply Demand and Price Elasticity essay writing
It is also a sensitivity of quantity towards changes of price and it is measured using the elasticity concept with a diagram of demand and supply curve.
⦁ Price Elasticity of Supply & Demand: Find a newspaper/magazine article on an INDIVIDUAL PRODUCT whose PRICE and QUANTITY SOLD has changed. The summary should indicate why the price and/or quantity has changed by noting which non-price determinants of demand or supply have changed. The article must mention at least TWO non-price determinants that have changed. If the article mentions more, then they must be discussed in the paper as well. Only one article that mentions two different determinants. Use supply and demand graphs to show changes in the equilibrium price and/or quantity. Clearly state what happened to the non-price determinants, what happened to supply and demand, and what happened to the price and quantity sold of the product as a result.