Microeconomics

Table of Contents

1. Topic pack - Microeconomics - introduction
2. 1.1 Competitive Markets: Demand and Supply
3. 1.1 Competitive Markets: Demand and Supply - notes
4. 1.1 Competitive markets - questions
5. 1.1 Competitive markets - simulations and activities
6. 1.2 Elasticities
7. 1.2 Elasticities - notes
8. Section 1.2 Elasticities - questions
   1. PED - short-answer
   2. Price, income and cross elasticity - self-test questions
   3. PES - short answer
   4. Inflation soars for staple foods
   5. Elastic iPods
   6. DaVinci scandal exposes tacky Chinese nouveau tastes
   7. Keep on boating
   8. Coffee prices remain high
   9. SUV's - cross elastic?
   10. Oil Prices
   11. Scare tactics lift prices for smokers
9. Section 1.2 Elasticities - simulations and activities
10. 1.3 Government intervention
11. 1.3 Government Intervention - notes
12. 1.3 Government intervention - questions
13. 1.3 Government intervention - simulations and activities
14. 1.4 Market failure
15. 1.4 Market failure - notes
16. Section 1.4 Market failure - questions
17. Section 1.4 Market failure - simulations and activities
18. 1.5 Theory of the firm
19. 1.5 Theory of the firm - notes (HL only)
20. Section 1.5 Theory of the firm - questions
21. Section 1.5 Theory of the firm - simulations and activities
22. Print View

PES - short answer

Question 1

How would you expect the price elasticity of supply for houses to change over time? Explain your answer using diagrams. (10 marks)

Question 2

Rank the following products according to the value of their price elasticity of supply, starting with the most elastic. Give reasons for your answers.

(a) Computers
(b) Houses
(c) Strawberries
(d) Olives
(e) Ice cream