How to calculate expenditure elasticity By econ101helpDecember 6, 20180 The expenditure elasticity measures the responsiveness of spending on a commodity to a change in price. The expenditure elasticity formula…

Cross price elasticity of demand By econ101helpNovember 19, 20180 Suppose that the cross elasticity of demand for Good X and Good Y is positive 2. What does this tell…

Types of price elasticity of demand By econ101helpNovember 21, 20160 The elasticity of demand () measures the responsiveness of demand to a change in price. It is defined as the…

MaxiMin Strategy/MiniMax strategy By econ101helpOctober 25, 20160 In game theory, Maximin/Minimax are strategies used when playing games. The strategy in this case is to maximize the smallest possible…

Consumer part of dead weight loss, Producer part of dead weight loss and total dead weight loss By econ101helpNovember 5, 20151 This post will cover dead weight loss. In particular, what is the burden on consumers and producers. The following supply-and-demand…