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Week 5: Interactive activity
5.1 Learning Outcomes
1. Explain the concept of elasticity
2. Use formulas to compute the elasticity of demand and supply
3. Explain the differences between inelastic, elastic, and unitary elastic demand
4. Discuss factors that affect the price elasticity of demand
5. Use formulas to compute the income elasticity of demand and the cross-elasticity of demand
6. Identify the impact of an economic agent’s actions on the global economic environment
5.2 Action Required:
Read the following to prepare for this week:
Survey of Economics, Chapter 4: Elasticity: A Measure of Responsiveness
Study Notes: Week 5: Elasticity
http://www.economist.com/: This publication and website provide up-to-date economic news and analysis. As an Economist Student you are advised to keep reading this publication.
Watch Presentation for Chapter-4 from the link below and answer following questions.
Watch the following Video and answer the question below.
5.3 Test your Knowledge (Question):
Question: Using concept of elasticity, explain why a Bumper Crop is Bad News for Farmers?
Answer the question in test your knowledge section.
Post your answer in the discussion board using the discussion link below (Week5: Interactive learning Discussion)
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