Discuss price elasticity of demand and how it is calculated.
LO 6.2
Explain the usefulness of the total revenue test for price elasticity of demand.
LO 6.3
List the factors that affect price elasticity of demand and describe some applications of price elasticity of demand.
LO 6.4
Describe price elasticity of supply and how it can be applied.
LO 6.5
Apply cross elasticity of demand and income elasticity of demand.