Qualification > Commerce

ALL ECONOMICS DISCUSSION, PAPERS HELP HERE!!

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hmh:

--- Quote from: icyblind on June 05, 2009, 03:44:33 pm ---can someone tell me the difference By the way inelastic demand and elastic demand, inelastic price and elastic price.
Thanks

--- End quote ---

Inelastic demand: When the demand doesnt change or is less than 0.5% when price changes. Usually it doesnt matter how much the price change but the demand wont fall. E.g. Oil, Water.. these are essential things. essential goods and services.
Elastic demand: Opposite of the inelastic.. when price changes the demand change is above 1%. These are luxury items like cars, mobiles.

It is calculated by %change in quantity demanded / % change in price

Inelastic Price and Elastic price is not really mentioned but it refers to the elastic and inelastic demand.. so u can mention it there..



Hope tht helps :)

hmh:
Full revision Guide has been added to the 1st page. Hope it is useful :)

icyblind:
does the revision guide cover everything..that means that i dont have to go thru the boook.
or theres still somethin to add in that guide.

Thanks By the way
Really appreciate it

hmh:

--- Quote from: icyblind on June 05, 2009, 09:47:02 pm ---does the revision guide cover everything..that means that i dont have to go thru the boook.
or theres still somethin to add in that guide.

Thanks By the way
Really appreciate it

--- End quote ---

well.. overall it does try to cover everything... but i guess you should look through topics tht you think are not well explained in the book... dnt leave anything on risk .. thts best tip i can give lol.. Gud luck :)

ni:
Thanks for revision guide!

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