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1. Explain the concept of price elasticity of demand, understanding that it involves responsiveness of quantity demanded to a change in price, along a given demand curve.

2. Explain, using diagrams and PED values, the concepts of price elastic demand, price inelastic demand, unit elastic demand, perfectly elastic demand and perfectly inelastic demand.

3. Explain why PED varies along a straight line demand curve and is not represented by the slope of the demand curve.

4. Explain the determinants of PED, including the number and closeness of substitutes, the degree of necessity, time and the proportion of income spent on the good. (SPLAT).

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H07s_Review Quiz on D, MR, and TR - solution.pdf

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H10s_Connecting D, Ed and TR - solution.pdf

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H14s_Elasticity Explorations #1 - solution.pdf

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H15s_Elasticity Explorations #2 - solution.pdf

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H16s_Price-Elasticity of Demand Worksheet - solution.pdf

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H17_Price-Elasticity on Linear D Function.pdf

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H17s_Price-Elasticity on Linear D Function - solution.pdf

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H18_Why Ed Differs at Each Point on D Curve.pdf

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H19_Ed Applied to Drugs and Gasoline.pdf

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H20s_Elasticity Applications a - solution.pdf

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H21s_Elasticity Applications b - solution.pdf

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H22s_Elasticity Applications c - solution.pdf

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H25s Effect of Relative Elasticities - solution.pdf

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H26s Elasticity Practice Review - solution.pdf

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H27s Mastering Elasticity Calculations - solution.pdf