Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

In order for a small-business order to price her products or services correctly, she must be able to understand what impact that price will have on demand. In some cases, demand will rise or fall with ...

Distinguish between cost-push and demand-pull inflation. Using a diagram, analyse the effects of reduced economic capacity on the price level and real output. Use a Phillips curve diagram to explain ...