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Level 4 Diploma in Accounting and Business

Microeconomic Factors and Elasticity Concepts

AB402 · Business and the Economic Environment — Week 9 of 16

CourseAB402
Week9 of 16
SemesterI
TutorOnline in the course chat

This week’s topics

Microeconomic Factors and Elasticity Concepts

  1. Consumer utility and demand schedules
  2. Production theory and firm cost structures
  3. Price elasticity of demand
  4. Income and cross-price elasticity for commercial decision-making
  5. Elasticity of Demand
  6. Calculating the Elasticity of Demand
  7. Cross elasticity of demand | Elasticity | Microeconomics | Khan Academy
  8. Economics 1 - 2014-09-22: Elasticity; Profit-Maximization Decisions
  9. Economics C3 - Lecture 4: Elasticity

What you will be able to do

  • 4.1 Compare key micro-economic factors.

Activity

Start with this week’s 5 videos, then: Seminar, guided reading and a short written task: compare key micro-economic factors.

Study materials

Videos

  • Elasticity of Demand · YouTube · Marginal Revolution University · 14 min · for registered students
  • Calculating the Elasticity of Demand · YouTube · Marginal Revolution University · 16 min · for registered students
  • Y1 10) Price Elasticity of Demand - PED · YouTube · EconplusDal · 8 min · for registered students
  • Price Elasticity of Demand · YouTube · tutor2u · 10 min · for registered students
  • Explaining Price Elasticity of Demand and Total Revenue - A Level and IB Economics · YouTube · tutor2u · 11 min · for registered students
  • Y1 14) Income Elasticity of Demand (YED) · YouTube · EconplusDal · 8 min · for registered students
  • Y1 13) Cross Elasticity of Demand (XED) · YouTube · EconplusDal · 7 min · for registered students
  • Price Elasticity of Demand and Business Profits Explained - A Level and IB Economics · YouTube · tutor2u · 6 min · for registered students
  • Y1 42) Elasticity Along The Demand Curve · YouTube · EconplusDal · 9 min · for registered students
  • Office Hours: Elasticity of Demand · YouTube · Marginal Revolution University · 4 min · for registered students

Further resources

  • Principles of Economics 3e, ch. 5: Elasticity · PDF · OpenStax, textbook chapter; pp. 125–150 · for registered students
  • Demand for gasoline is more price-inelastic than commonly thought · PDF · Reading, article · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
MidtermWeek 10
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Course plan
  • Week 1: Business Classification and Sector Analysis
  • Week 2: Legal Structures and Business Ownership
  • Week 3: Organisational Structures and Financial Reporting Frameworks
  • Week 4: Stakeholder Analysis and the Internal Business Environment
  • Week 5: External Business Environment and Globalisation
  • Week 6: Macroeconomic Fundamentals and the Circular Flow of Income
  • Week 7: Aggregate Demand and Business Activity
  • Midterm: Midterm evaluation
  • Week 9: Microeconomic Factors and Elasticity Concepts
  • Week 10: Perfect Competition and Price Determination
  • Week 11: Imperfect Market Structures, Pricing and Output
  • Week 12: Applying Business and the Economic Environment in practice:…
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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