MIEC TS22 G2 Jing Yuan, Jia Yan, Rong Zhen, Wan Zhen by Mok Rong Zhen https://padlet.com/xiaokid/5fiqo8x5uyud en-us 2016-05-13 07:35:02 UTC 2026-01-11 05:12:16 UTC hello@padlet.com There are two types of elasticities, limjiayan99 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111156582 - Demand
- Supply]]> 2016-05-17 03:30:43 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111156582 Demand limjiayan99 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111156727 2016-05-17 03:33:09 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111156727 xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111156964 Elasticity is the level of response of consumers to changes in DPED]]> 2016-05-17 03:37:06 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111156964 Definition of Elasticity xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157214 2016-05-17 03:40:58 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157214 When Ed is > 1 pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157223 % change in Q is more than % change in P
--> consumers are very responsive to the price change and demand for the good is price elastic

--> Produces a steeper graph

--> usually applies to luxuries such as branded watches

]]> 2016-05-17 03:41:04 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157223 NPHAT xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157288 2016-05-17 03:41:58 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157288 Necessity vs Luxury xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157308 2016-05-17 03:42:12 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157308 Habit xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157342 2016-05-17 03:42:37 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157342 Proportion of income spent on a good xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157362 2016-05-17 03:42:54 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157362 xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157384 2016-05-17 03:43:08 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157384 Availability of substitutes xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157392 2016-05-17 03:43:14 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157392 Time period under consideration xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157410 2016-05-17 03:43:27 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157410 When Ed is < 1 pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157451 % change in Q is less than % change in P
--> consumers are very unresponsive to price change and demand for the good is price inelastic

Produces a gentler graph 

-->usually applies to necessities such as newspapers]]> 2016-05-17 03:43:47 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157451 (DPED) )Determinants of Price Elasticity of Demand xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157495 2016-05-17 03:44:14 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157495 Mid-point Formula xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157665 --> 1 Answer obtained]]> 2016-05-17 03:45:58 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157665 Ed = <u>% change in quantity demanded </u>                        % change in price xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157672 2016-05-17 03:46:05 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157672 Interpretation Of Demand pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157756 How to tell whether the demand for the good is elastic or inelastic?

OR

How to tell if a consumer is responsive or unresponsive to the change in price of the good]]> 2016-05-17 03:47:09 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157756 Price & Quantity Demanded of a good--> Inverse r/s xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157955 2016-05-17 03:49:43 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111157955 Ed always -ve xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111158013 --> whether price increases or decreases]]> 2016-05-17 03:50:13 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111158013 Price Elastic = Responsive xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111158056 2016-05-17 03:50:48 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111158056 Price Inelastic = Not Responsive xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111158063 2016-05-17 03:50:55 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111158063 When Ed = pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111158356 % change in Q = % change in P
 
Demand is unit price elastic 

Produces a hyperbola curve

]]> 2016-05-17 03:54:45 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111158356 limjiayan99 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111158858 Less price elastic --> steeper graph
More price elastic  --> more gentle graph]]> 2016-05-17 04:02:25 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111158858 When Ed = 0 pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159080 Customers are not responsive at all to price change and the demand for the price for the good is perfectly inelastic

Produces a vertical line

usually applies to products like insulin for diabetics

]]> 2016-05-17 04:05:30 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159080 S xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159713 2016-05-17 04:14:30 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159713 E xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159742 2016-05-17 04:15:13 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159742 P xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159792 2016-05-17 04:15:52 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159792 A xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159818 2016-05-17 04:16:23 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159818 R xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159829 2016-05-17 04:16:33 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159829 A xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159839 2016-05-17 04:16:45 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159839 T xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159864 2016-05-17 04:17:00 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159864 I xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159873 2016-05-17 04:17:13 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159873 O xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159882 2016-05-17 04:17:25 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159882 N xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159895 2016-05-17 04:17:37 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159895 L xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159906 2016-05-17 04:17:47 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159906 I xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159919 2016-05-17 04:18:04 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159919 N xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159938 2016-05-17 04:18:15 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159938 E xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159951 2016-05-17 04:18:24 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159951 S xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159974 2016-05-17 04:18:45 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159974 E xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159980 2016-05-17 04:18:53 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159980 P xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159993 2016-05-17 04:19:03 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111159993 A xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160003 2016-05-17 04:19:11 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160003 T xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160016 2016-05-17 04:19:20 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160016 R xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160022 2016-05-17 04:19:27 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160022 A xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160037 2016-05-17 04:19:44 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160037 I xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160067 2016-05-17 04:20:07 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160067 O xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160081 2016-05-17 04:20:19 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160081 N xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160089 2016-05-17 04:20:28 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160089 L xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160100 2016-05-17 04:20:41 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160100 I xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160104 2016-05-17 04:20:43 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160104 N xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160106 2016-05-17 04:20:45 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160106 E xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160111 2016-05-17 04:20:47 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160111 S xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160167 2016-05-17 04:21:38 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160167 E xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160169 2016-05-17 04:21:40 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160169 P xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160176 2016-05-17 04:21:44 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160176 A xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160182 2016-05-17 04:21:47 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160182 R xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160187 2016-05-17 04:21:49 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160187 A xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160196 2016-05-17 04:21:51 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160196 T xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160199 2016-05-17 04:21:54 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160199 I xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160202 2016-05-17 04:21:56 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160202 O xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160204 2016-05-17 04:21:58 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160204 N xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160207 2016-05-17 04:22:01 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160207 L xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160305 2016-05-17 04:23:28 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160305 I xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160310 2016-05-17 04:23:31 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160310 N xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160313 2016-05-17 04:23:33 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160313 E xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160317 2016-05-17 04:23:36 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160317 xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160824 The greater the number of substitutes available to consumers, the more price elastic the demand of a good will be]]> 2016-05-17 04:30:35 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111160824 Tutorial Q2 + explanation? pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161090 a) The demand for cigarettes is price inelastic. Availability of substitutes.Since cigarettes is a broad term, there will be fewer substitutes available thus demand is price inelastic

b) The demand for a particular brand of cigarettes is price elastic. Availability of substitutes .It is a particular brand of cigarettes thus it is specific meaning there will be more substitutes for it therefore the demand is price elastic

c)The demand for butter is price inelastic. Necessity Vs Luxury . Butter is considered a necessity as it is consumed daily thus demand is price inelastic.

d)The demand for salt is price inelastic. Necessity Vs Luxury. Salt is considered a necessity since it can be consumed and use daily thus demand is price inelastic

e)The demand for a two-week trip to Switzerland is price elastic. A two-week trip to Switzerland is considered a luxury as not everyone is able to afford it as it will cost thousands of dollars thus demand is price elastic]]> 2016-05-17 04:33:57 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161090 Tutorial Q2 pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161091  2. Use the determinants of price elasticity of demand to judge and explain whether the demand for the following products is price elastic or inelastic: 
  
a.       Cigarettes 
b.      A particular brand of cigarettes 
c.       Butter 
d.      Salt 
e.       A two-week trip to Switzerland  
]]> 2016-05-17 04:33:57 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161091 xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161165 Luxury good = more price elastic
Necessity = less price elasti]]> 2016-05-17 04:34:59 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161165 Tutorial Q3 pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161179 3.It was reported in the newspapers that, ”In September, farmers in Cameron Highlands complained of a vegetable glut after some of them made a switch from planting flowers to tomatoes.”  Under what demand conditions might this situation cause the farmers to feel unhappy ?  (Hint: consider the price elasticity of demand for tomatoes)  ]]> 2016-05-17 04:35:14 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161179 xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161267 The greater the proportion of income spent on a good, the more price elastic the demand of a good will be]]> 2016-05-17 04:36:08 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161267 xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161459 Direct r/s between proportion of income spent on a good & price elasticity]]> 2016-05-17 04:38:09 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161459 When Ed is Infinity pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161526 The quanity demanded of the product is infinitively responsive to price changes

Produces horizontal line]]> 2016-05-17 04:38:50 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161526 xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161564 A good consumed habitually
-->demand is more price elastic]]> 2016-05-17 04:39:22 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161564 xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161822 Number of substitutes depends on the definition of the good (more broadly/generally or narrowly/specifically]]> 2016-05-17 04:43:06 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111161822 How to determine elasticity? limjiayan99 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111469096 So to calculate elasticity, we must focus on the magnitude and the size of the customer's response]]> 2016-05-18 14:23:16 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111469096 Question 3 answer limjiayan99 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111481819 As tomatoes are introduced in Cameron Highlands, the demand for tomatoes are price elastic. Availability of substitutes from having only vegetables to having tomatoes make the farmers feel unhappy. Another possible reason might be Necessity Vs Luxury because having food (tomatoes) than having a luxury to view beautiful flowers is more important in life. Although the farmers help to implement a new substitute for food in Cameron Highlands, some of the farmers  got to give up planting flowers and some had a loss in income from selling vegetable. Apart from their loss, this also contribute to a waste of food.]]> 2016-05-18 15:11:07 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111481819 Determinants Of Price Elasticity Of Demand pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111483393 Availability of substitutes
Habit
Time period 
Necessity Vs Luxury
Proportion of income spent

]]> 2016-05-18 15:17:28 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111483393 Vegetable Glut?? pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111490544 Glut= an excess of goods whereby supply exceeds demands

so it means excess of vegetables, supply of vegetables exceeds demand 

By planting tomatoes instead of flowers , there are more tomatoes being grown thus supply of tomatoes increases greatly.]]> 2016-05-18 15:47:16 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111490544 Question 3 add-on pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111491526 Since the farmers has switched from planting flowers to tomatoes , the amount of tomatoes being grown increases greatly. This causes a surplus whereby the supply of tomatoes is more than the demand for tomatoes resulting in the vegetable glut.

This thus will cause a great drop in the prices of tomatoes. Tomatoes is a necessity thus will only take up a small portion of income thus the demand for tomatoes will be price inelastic .

Tomatoes being a necessity will result in the demand of tomatoes to be price inelastic.]]> 2016-05-18 15:51:32 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111491526 Add- on pearlster1234 https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111494408 The demand will be price inelastic meaning customers are unresponsive towards the price change in tomatoes .
Customers thus will not likely buy the tomatoes.

In conclusion , even with the drop in prices of tomatoes , customers are not responsive and will less likely buy . Farmers will thus feel unhappy as they are unable to sell their crops thus are unable to make any money]]> 2016-05-18 16:02:42 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111494408 Price Elasticity of Demand c_jingyuan https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111795771 It refers to the responsiveness of a quantity demanded of a good to a change in its own price.]]> 2016-05-20 04:58:10 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111795771 c_jingyuan https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111795898 If something takes up a large proportion of our income, people will be more responsive. ]]> 2016-05-20 05:00:29 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111795898 c_jingyuan https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111795974 Necessities is less price elastic as it takes up less proportion of the income. So whether the price goes up or down, it doesn’t matter to the consumer.  .]]> 2016-05-20 05:01:33 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111795974 c_jingyuan https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111796027 If the price goes down, will the consumer buy more bread and eggs? Most likely not, so is less price elastic.

]]> 2016-05-20 05:01:56 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111796027 c_jingyuan https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111796101 The consumption is not likely to change. For example, the consumer buy more eggs during a sale, but the consumer will not eat more eggs at one go. Eggs are bought in advanced so, she do not need to buy eggs for the next week, or following week.  ]]> 2016-05-20 05:03:01 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/111796101 Tutor's Comment: https://padlet.com/xiaokid/5fiqo8x5uyud/wish/112780935 Excellent work on Q2 and the determinants of demand.

Q3 add on answer was going in the right direction, you just need to tie up the inelastic demand and price decrease with total revenue curve, then you will get the final answer. ]]> 2016-05-27 02:36:31 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/112780935 xiaokid https://padlet.com/xiaokid/5fiqo8x5uyud/wish/371996085 2019-07-23 05:55:10 UTC https://padlet.com/xiaokid/5fiqo8x5uyud/wish/371996085