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IB Economics Topic 2.5 Elasticities of Demand Notes & Questions (SL/HL) | RevisionDojo

IB
2.5 Elasticities of Demand

IB Economics 2.5 Elasticities of Demand

IB Economics Topic 2.5 Elasticities of Demand (SL/HL) covers syllabus content. Use these notes, questionbank, videos, flashcards, and lessons to review the topic, practise exam questions, and move between notes, videos, flashcards, and lessons where available.

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What this topic covers

2.5.1 Concept of Elasticity

2.5.2 Price Elasticity of Demand (PED)

2.5.3 Importance of PED for Firms and Government Decision Making

2.5.4 Why PED for Primary Commodities Is Generally Lower than Manufactured Products (HL Only)

2.5.5 Income Elasticity of Demand (YED)

2.5.6 Importance of YED (HL Only)

2.1 Demand

2.2 Supply

2.3 Competitive Market Equilibrium

2.4 Critique of the Maximizing Behaviour of Consumers and Producers (HL Only)

2.5 Elasticities of Demand

2.6 Elasticity of Supply

2.7 Role of Government in Microeconomics

2.8 Market Failure - Externalities, Common Pool Resources, Public Goods, Asymmetric Information

2.9 Market Failure - Public Goods

2.10 Market Failure - Asymmetric Information (HL Only)

2.11 Market Failure - Market Power (HL Only)

2.12 The Market’s Inability to Achieve Equity (HL Only)