Council for Economic Education
What's the Big Deal about Spices?
Today's gourmands don't consider spices to be the equivalent of silver and gold. During the middle ages, however, these commodities were precious. People back then used spices in religious ceremonies, to cure rotten food, and as a show...
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Price Elasticity of Demand
This site provides a great definition of "price elasticity of demand," along with formulas and examples. It also shows a perfectly elastic demand curve and a perfectly inelastic demand curve.
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Price Elasticity of Demand
This site gives easy to understand definitions of price elasticity, along with examples, formulas, and factors determining elasticity.
Tutor2u
Tutor2u: Income Elasticity of Demand
This site provides a detailed study of income elasticity, which is how one's demand changes as income changes. It also gives good examples of normal and inferior goods.
Robert Schenk, PhD
Price Elasticity
This site offers a good description of price elasticity of demand for a good, and gives examples of which kinds of goods may be elastic or inelastic.
Robert Schenk, PhD
Computing Price Elasticity
This site discusses price elasticity, along with the formula for "arc elasticity," which is a different method to calculate price elasticity.
Robert Schenk, PhD
St. Josephs College: More Price Elasticity
This site explains price elasticity of supply. Includes graphs to represent the concept.
Tutor2u
Tutor2u: Price Elasticity of Demand
An easy to understand description of "price elasticity of demand." Includes definitions, graphs, formulas, and examples of what kinds of goods may be elastic or inelastic.
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Economics of Health Care: Price Elasticity of Demand
This site provides a thorough analysis of the concept of elasticity, and uses an example in the health care industry.
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