Lecture Understanding economics (2nd edition): Chapter 3 - Mark Lovewell, Khoa Nguyen

Chapter 3 - Competitive dynamics and government, after this chapter, you will be able to: Describe price elasticity of demand, its relation to other demand elasticities, and its impact on sellers' revenues; define price elasticity of supply and identify the links between production periods and supply; identify how price elasticities of demand and supply determine the impact of an excise tax on consumers and producers.

Từ khóa: Understanding economics, Lecture Understanding economics, Economic problem, Economic systems, Inelastic demand, Revenue changes