Reading Assignment for Exam #4

Read Chapter 4 - Elasticity

Focus on the following terms in your reading:

Price Elasticity of Demand
Price Elasticity of Supply
Price Elastic Coefficient
Price Inelastic Coefficient
Unitary Elastic Coefficient
Cross-Price Elasticity
Complementary Goods
Substitutes
Unrelated Goods
Cross-Price Elasticity Coefficient
Income Elasticity
Normal Goods Coefficient
Inferior Goods Coefficient
Superior Goods Coefficient
Point Elasticity Formula
Arc (mid-point) Elasticity Formula
Total Revenue
Average Revenue
Marginal Revenue
Revenue Maximizing Output and Price Combination

Helpful links:

IGM - University of Chicago Panel - Laffer Curve -  http://www.igmchicago.org/surveys/laffer-curve Links to an external site.

University of Pittsburgh - elasticity applications - http://www.pitt.edu/~upjecon/MCG/MICRO/ELAS/Elasticity.html Links to an external site.

Colorado College - cross-price elasticity - https://faculty1.coloradocollege.edu/~afenn/web/EC151/Elasticity.pdf Links to an external site.

University of Colorado - http://spot.colorado.edu/~kaplan/econ2010/section4/section4-main.html Links to an external site.

MIT - elasticity theory - http://ocw.mit.edu/courses/urban-studies-and-planning/11-203-microeconomics-fall-2010/exams/MIT11_203F10_examprep.pdf Links to an external site.

Fullerton College - http://staffwww.fullcoll.edu/fchan/Micro/2elasticity_of_demand.htm Links to an external site.

THE OHIO STATE UNIVERSITY - http://www.econ.ohio-state.edu/jpeck/H200/EconH200L5.pdf Links to an external site.

UC Davis - Elasticity and Wine Price Analysis - http://wineconferenceaugust07.ucdavis.edu/presentations/sonoma-research.pdf Links to an external site.

Boise State - http://cobe.boisestate.edu/lreynol/WEB/PDF/Elasticity.pdf Links to an external site.

Elasticity and the Minimum Wage Debates -  http://www.bloomberg.com/view/articles/2016-06-13/a-higher-minimum-wage-won-t-lead-to-armageddon Links to an external site.

What's the Sweet - Spot for Adjusting the Minimum Wage? - Alan Kreuger - http://www.pbs.org/newshour/bb/whats-economic-sweet-spot-adjusting-federal-minimum-wage Links to an external site.

Minimum Wage Discussion - KQED - http://ww2.kqed.org/lowdown/2014/03/10/minimum-wage Links to an external site.

Links to an external site.Characteristics of Minimum Wage Workers - Bureau of Labor Statistics - https://www.bls.gov/opub/reports/minimum-wage/2016/home.htm Links to an external site.

Videos:

Price Elasticity of demand Links to an external site.

Cross Price Elasticity Links to an external site. 

Note: on the left - side bar of these Khan Academy videos are all the possible elasticity topics relevant to this section.  You should watch of them!!


Practice tests:

Practice Test - Iowa State University - Prof. Ying Gao - http://www2.econ.iastate.edu/classes/econ101/gao/secondkey.doc.pdf Links to an external site.

Practice Test - University of Nevada - Las Vegas - https://faculty.unlv.edu/chen/smrexe2.pdf Links to an external site.

Practice Test - Washburn University - http://www.washburn.edu/sobu/dnizovtsev/200P04an Links to an external site.