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"Price Elasticity: From Tires to Toothpicks" icon

Price Elasticity: From Tires to Toothpicks

In this lesson, students gain an understanding of price elasticity of demand and why different goods have different degrees of elasticity. Specifically, the students will learn to: Apply the law of demand to the price elasticity of demand; Define price elasticity of demand, Understand the factors that determine whether the price elasticity of demand is elastic or inelastic, Compare the elasticities of different goods, and Calculate the price elasticity of a good.

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