Free masterclass
Elasticity Masterclass
Free interactive masterclass: PED, YED, XED and PES with calculations, diagrams and one examiner-calibrated evaluation task.
About 45 minutes · 7 sections + 3 optional
Your progress saves as you go, so you can stop and come back.
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What you'll learn
- 1What elasticity measures
- 2What makes demand price elastic? Remember SPLAT
- 3Working backwards and total revenue
- 4Income and cross elasticity: sign first, then size
- 5Price elasticity of supply
- 6Who cares: why firms and government need the numbers
- 7Your examiner-marked answer
Going deeper (optional)
- Tax incidence: who really pays?
- Real income and related goods: who wins and who loses
- Short run and long run: why time changes everything