SUPPLY AND DEMAND

A. Discuss elasticity of demand as it pertains to elastic, unit, and inelastic demand.

B. Discuss cross price elasticity as it pertains to substitute goods and complementary goods.

C. Discuss income elasticity as it pertains to inferior goods and to normal goods (sometimes also called superior goods).

D. Use an example to discuss why demand tends to be relatively elastic in a situation where “Availability of Substitutes” exists.

E. Discuss the “Proportion of Income Devoted to a Good” concept by contrasting two products typically purchased each month.

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