IB Economics SL 2.5.1 Concept of Elasticity Topic Practice

ConceptConcept DocsDocuments

ConceptConcept DocsDocuments

Unit 1 Introduction to economics

Unit 2 Microeconomics

2.3 Competitive market equilibrium

2.5 Elasticities of demand

2.5.1—Concept of elasticity

2.5.2—Price elasticity of demand

2.5.3—PED diagrams and revenue

2.5.5—Determinants and importance of PED

2.5.7—Income elasticity of demand

2.6 Elasticity of supply

2.7 Role of government in microeconomics

2.8 Market failure - externalities and common pool or common access resources

2.9 Market failure - public goods

Unit 3 Macroeconomics

Unit 4 The global economy

IB/Economics/SL//Question Bank/Unit 2 Microeconomics/2.5 Elasticities of demand/2.5.1—Concept of elasticity

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