Рет қаралды 451
Monopoly defined and contrasted with ‘Monopsony.’
Discussion on ‘single payer’ national health care versus using insurance companies.
The four factors affecting the relative price elasticity of demand for a good or service.
Income elasticity - calculations, importance of the sign of the coefficient; normal and inferior goods.
Cross price elasticities - substitutes and complements, calculations, importance of the sign of the coefficient.
Emphasis on the ‘Elasticities Review Quiz’ on Connect in exam preparation.