2.5.6 - Elasticity
1. complementary goods (see also 1.1)
6. substitute goods (see also 1.1)
7. unit elasticity
9. Primary commodities
10. arc elasticity of demand (not in syllabus)
11. flat rate tax
12. incidence of a tax (impact of elasticity)
Rating: 7/10. This is a good clip from Economics Fun highlighting that elasticity influences firms and the price changes that they make i.e. firms are influenced by total revenue considerations.
Rating: 8/10. This is a good clip from Foodie explaining the key idea behind PED i.e. total revenue.
Economics through music? Not for everybody but good for some!