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Understanding the economy as a whole
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The amalgamation of Economics, statistics and mathematics
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Demand and Supply: Changes in Market Equilibrium
From our last Lectures we now do know that Equilibrium prices are determined by the relative level of supply and demand. And that changes in supply and/or demand will cause change in the equilibrium price and/or quantity in a free market. Let us provide some example...
Supply and Demand: Elasticity and Linear Demand Curve
We described one of the most important concerning topics of Principles of Microeconomics that is ELASTICITY . But what happened as we move along a demand curve ? Since its downward Sloping, what consequences does it has for the elasticity that we just studied? ...
Supply and Demand: Elasticity
Not only are we concerned with what direction price and quantity will move when the market changes, but we are concerned about how much they change. Elasticity is a tool to measure by how much a variable will change with there is change in another variable. We do have...