Wednesday October 31

Review Concepts

• Price Elasticity of Supply
• Definition
• Formula
• Possible Changes in Values
• Diagrams illustrating the range of values of elasticity
• Determinants of price elasticity of Supply

Resources:
Hint to homework question below

• Explanation (With Diagram) as to why prices are so volatile for Primary Commodities

Textbook Pages 56 - 60

Power Point - Price Elasticity of Supply

Khan Academy Video - Price Elasticity of Supply

Tutor2U Video - Explaining Price Elasticity of Supply

Mr. Clifford Video - Elasticity Practice
      - This video is a good review for elasticity.  To get information on each go the time in the video.
      - Price Elasticity of Demand 1:48 - 5:40
      - Price Elasticity of Supply 5:40 - 7:36
      - Cross Elasticity of Demand 7:36 - 11:20
      - Income Elasticity of Demand 11:20 - 13:10

Homework: Write an explanation of the "Market for Agricultural Products" Diagram - For tomorrow

Price Elasticity of Supply Handout