Elasticity

Elasticity measures the change in the market when there is a change in price.  There are four types of elasticity we will study:

Price Elasticity of Demand= %Change Demand/%Change Price
     
    Inelastic= 0< Elasticity<1
    Unit Elastic= 1
    Elastic= Elasticity>1

Income Elasticity
    Normal Goods
    Inferior Goods
Cross Elasticity
    Compliments
    Substitutes
Elasticity of Supply

8/29/13:  HW  Read pages 52-59

9/3/13: HW Read pages 59-65

Microeconomics

Demand and Supply
   Determinants of Demand
        Population
        Income
        Tastes
        Prices of Related Products: Substitute and Complements
        Price (sort of)
  Determinants of Supply
     Price of Inputs
     Goals of Firms
     Indirect Taxes
     Technology
     Weather



HW 8/18 pp. 33-43 (no blue pages)

Answer the questions on the following website:

http://windward.hawaii.edu/facstaff/briggs-p/introduction%20and%20syllabus/supplydemandworksheet.pdf


HW http://www.tutor2u.net/blog/files/Market_Demand_Supply.pdf

Answers:

http://www.tutor2u.net/blog/files/Market_Demand_Supply_Key.pdf

TEST on Thursday, August 29 on Supply and Demand

Readings

A couple of books for your Economics reading interest.

Cheaper by the Dozen Frank Bunker Gilbreth, Jr. and Ernestine Gilbreth Carey
http://en.wikipedia.org/wiki/Cheaper_by_the_Dozen

Freakonomics

http://www.freakonomics.com/


HW Read pages 20-27

Opportunity Cost

Here are a few sites that would be helpful to you regarding this topic

http://en.wikipedia.org/wiki/Opportunity_cost

http://glencoe.mcgraw-hill.com/sites/0025694212/student_view0/chapter1/worked_problems.html

News Article

We will be examining the news article that is in the following
link:http://www.japantimes.co.jp/news/2013/08/06/business/tokyo-real-estate-lures-asian-bargain-hunters-2/#.UgGMYmT89sQ

What are some questions that come up when reading the article?  What are some things you don't know? What are some things you will need to find out before fully understanding the article?

Welcome

Hello students and welcome to the IBS Economics class.  We will use this site as a class notebook, study guide and discussion venue for the topics that we will need to examine before the end of the year, but the time for May's IB exams this site should be full of information to help you succeed.  This site will require your participation and contributions and thus will only be as good as you make it.