7The Responsiveness of Consumers to Changes in Price in a Market Elasticity of DemandThe Responsiveness of Consumers to Changes in Price in a Market
8What Determines Elasticity Substitute Goods/ServicesProportion of IncomeNecessities vs Luxuries
9Calculating Elasticity Businesses Have to Calculate ElasticityShould they put Products on Sale? Will it increase the Number Sold?Total Revenue Test: Will Selling More Products at a Lower Price Make you More Money?
10SupplyThe Willingness and Ability of Producers to Offer Goods and Services for Sale
11Law of SupplyProducers are Willing to Sell More of a Good/Service at a High Price than a Low One