Notes February 4, 2016
Notes February 4, 2016 Econ 2020
University of Memphis
Popular in Intro to Microeconomics
Popular in Economcs
This 1 page Class Notes was uploaded by Cameron Martinez on Friday February 5, 2016. The Class Notes belongs to Econ 2020 at University of Memphis taught by Dr. Campbell in Winter 2016. Since its upload, it has received 23 views. For similar materials see Intro to Microeconomics in Economcs at University of Memphis.
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Date Created: 02/05/16
Cameron Martinez 4 February, 2016 Intro to Microeconomics Announcements: First exam next class meeting; bring a pencil, calculator Bonus practice quiz on ecourseware adds extra points toward your final grade Ch.4 hw due tomorrow Review: - Price elasticity of demand shows the percentage change in demand by the percentage in price. - Price elasticity of demand has different variations of elasticity, see book for examples. Notes Ch. 5 Elasticity **Starts with graphs that illustrate the difference between relatively elastic and relatively inelastic + perfectly elastic and perfectly inelastic graphs** Midpoint formula – calculates the average of change of elasticity with a formula. **Midpoint formula is exemplified and used on the board** At the top end of a demand curve, demand is relatively elastic. At the bottom of a demand curve, the demand is relatively low’ TR – Total Revenue…
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