Lecture notes

Theme 1: 1.2.3 Elasticity

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Excellent study tool to revise the Elasticity section of the A-level Economics syllabus. This is tailored to the Edexcel specification but can also be used for other exam boards. This is a relevant resource for both first-year and second-year students to revise or learn from and get the best possible grade.

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Peter Smith Edexcel A level Economics A Book 1

Edition:Unknown
ISBN:9781471830006
Edition:1

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Study Level: A/AS Level
Examinator: PEARSON (PEARSON)
Subject: Economics A
Unit: Unit 1 - Introduction to markets and market failure

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Uploaded on: May 26, 2021
Number of pages: 42
Written in: 2020/2021
Type: Lecture notes
Professor(s): Mr. payne
Contains: All classes

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Define the term

Deman What is the law of demand?
d Recap
How does the concept of marginal utility help
explain the shape of the demand curve?

What causes a movement along a demand
curve?

What are the factors that can cause a
demand curve to shift? PIRATES may
help!

Why is ceteris paribus such an important
concept when discussing demand?

,Factors Causing a
Shift in Demand

• Population
• Income
• Related goods
• Advertising
• Tastes
• Expectations
• Seasons

, 1.2 - How
markets
work
1.2.3 -
Elasticity
• Price elasticity of demand (PED)
• Income elasticity of demand
(YED)
• Cross elasticity of demand (XED)

, • What is it?
• How do we calculate it?
• What do different values mean?
• What does it look like on a demand
curve?
• What causes the values to differ?
• How is this information useful?

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Theme 1: 1.2.3 Elasticity

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