This is "Elasticity"

Quick Review ' What is elasticity and give a few examples? ' Why is the demand for some goods either elastic or inelastic? ' How do you mathematically differentiate between elastic, inelastic, and unitary elasticities of demand? ' What is are percentage changes. or growth rates? ' How do you calculate price elasticity using the midpoint method? Quick Review (cont.) ' How do you calculate the price elasticity of supply? ' How do you calculate the income elasticity of demand? ' What is cross-price elasticity of demand and how do you calculate it? ' What is elasticity in labor and financial capital markets? ' How do differences in elasticity affect total revenue? What is the difference between a midpoint elasticity approach and the point elasticity approach in calculating elasticity? What is the difference between slope and elasticity? Explain and compare graphs for the following types of elasticities: elastic, inelastic, unitary, infinite, and zero. How do you evaluate how elasticity can cause shifts in demand and supply? How can you predict how elasticity affects equilibrium in the long-run and the short-run? How do the price elasticities of demand and supply determine the incidence of a tax on buyers and sellers