File "ped-elasticity-and-sales-revenue.html"
Path: /ThinkIB/bm_econ/economics/page/21532/ped-elasticity-and-sales-revenuehtml
File size: 131.89 KB
MIME-type: text/html
Charset: utf-8
<!DOCTYPE html>
<html lang="en">
<head>
<!-- Google Tag Manager -->
<script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':
new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],
j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src=
'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);
})(window,document,'script','dataLayer','GTM-K5VSFSN');
</script>
<!-- End Google Tag Manager -->
<meta http-equiv="x-ua-compatible" content="IE=Edge">
<title>DP Economics: PED elasticity and sales revenue?</title>
<meta charset="utf-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<meta name="robots" content="none"><meta name="robots" content="noindex, nofollow">
<!-- Removed by WebCopy --><!--<base href="https://www.student.thinkib.net">--><!-- Removed by WebCopy --><meta name="keywords" content="PED Eeasticity and sales revenue?Economics, ThinkIB.net, InThinking, IB, IBDP, IBMYP"><meta name="description" content="PED elasticity and sales revenue?. ThinkIB.net Economics is an InThinking website.">
<link href="../../../css/bootstrap.min.css" rel="stylesheet" media="screen">
<link href="../../../css/font-awesome-4.7.0/css/font-awesome.min.css" rel="stylesheet">
<link href="../../../css/top-nav.min.css?v=202305221900" rel="stylesheet" media="screen">
<link href="../../../css/style.min.css?v=202308071530" rel="stylesheet" media="screen">
<link href="../../../css/style-ib.min.css?v=202305221900" rel="stylesheet" media="screen">
<link rel="stylesheet" type="text/css" href="../../../js/jq-fancybox/jquery.fancybox.min.css">
<link href="../../../js/jq-fancybox/jquery.fancybox.min.css" type="text/css" rel="stylesheet">
<link rel="stylesheet" href="../../../css/side-nav.min.css?v=202305221900"><link rel="stylesheet" href="../../../assets/css/ckeditor5-custom.css" type="text/css"><link rel="stylesheet" href="../../../css/std-access.min.css?v=202305221900"><link rel="stylesheet" href="../../../css/snippets.min.css?v=202305221900"><link rel="stylesheet" href="../../../css/article.min.css?v=2023061230"><script src="../../../js/localdates.min.js?v=202009290900"></script><script src="../../../js/ifvisible.min.js"></script><script>ifvisible.setIdleDuration(300);</script><script>var tibSitename = "economics";</script>
<script>
const SITE_TAG = "ib"
const SITE_WEB = "ThinkIB.net"
const SITE_DOMAIN = "www.thinkib.net"
const SITE_URI = "https://thinkib.net"
const SITE_CLIENT_CODE = "TIB000001"
let imageThinker = "https://assets.inthinking.net/thinkib/header-thinker-ib.svg";
let imageStudent = "https://assets.inthinking.net/thinkib/header-student-thinkib.svg";
</script>
<script>var userHash = "1164ffdb5b0fa1709243f22ebefcb0a3", userTicket = "fd6a5e8a06cfccf2";</script><script src="../../../js/user/local-stats.min.js?v=202102101800"></script><link rel="apple-touch-icon-precomposed" sizes="57x57" href="../../../thinkib/favicon/student-thinkib/apple-touch-icon-57x57.png"><link rel="apple-touch-icon-precomposed" sizes="114x114" href="../../../thinkib/favicon/student-thinkib/apple-touch-icon-114x114.png"><link rel="apple-touch-icon-precomposed" sizes="72x72" href="../../../thinkib/favicon/student-thinkib/apple-touch-icon-72x72.png"><link rel="apple-touch-icon-precomposed" sizes="144x144" href="../../../thinkib/favicon/student-thinkib/apple-touch-icon-144x144.png"><link rel="apple-touch-icon-precomposed" sizes="60x60" href="../../../thinkib/favicon/student-thinkib/apple-touch-icon-60x60.png"><link rel="apple-touch-icon-precomposed" sizes="120x120" href="../../../thinkib/favicon/student-thinkib/apple-touch-icon-120x120.png"><link rel="apple-touch-icon-precomposed" sizes="76x76" href="../../../thinkib/favicon/student-thinkib/apple-touch-icon-76x76.png"><link rel="apple-touch-icon-precomposed" sizes="152x152" href="../../../thinkib/favicon/student-thinkib/apple-touch-icon-152x152.png"><link rel="icon" type="image/png" href="../../../thinkib/favicon/student-thinkib/favicon-196x196.png" sizes="196x196"><link rel="icon" type="image/png" href="../../../thinkib/favicon/student-thinkib/favicon-96x96.png" sizes="96x96"><link rel="icon" type="image/png" href="../../../thinkib/favicon/student-thinkib/favicon-32x32.png" sizes="32x32"><link rel="icon" type="image/png" href="../../../thinkib/favicon/student-thinkib/favicon-16x16.png" sizes="16x16"><link rel="icon" type="image/png" href="../../../thinkib/favicon/student-thinkib/favicon-128.png" sizes="128x128"><meta name="application-name" content=" "><meta name="msapplication-TileColor" content="#FFFFFF"><meta name="msapplication-TileImage" content="https://assets.inthinking.net/thinkib/favicon/student-thinkib/mstile-144x144.png"><meta name="msapplication-square70x70logo" content="https://assets.inthinking.net/thinkib/favicon/student-thinkib/mstile-70x70.png"><meta name="msapplication-square150x150logo" content="https://assets.inthinking.net/thinkib/favicon/student-thinkib/mstile-150x150.png"><meta name="msapplication-wide310x150logo" content="https://assets.inthinking.net/thinkib/favicon/student-thinkib/mstile-310x150.png"><meta name="msapplication-square310x310logo" content="https://assets.inthinking.net/thinkib/favicon/student-thinkib/mstile-310x310.png">
</head>
<body onunload="" class="student-access">
<!-- Google Tag Manager (noscript) -->
<noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-K5VSFSN" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript>
<!-- End Google Tag Manager (noscript) -->
<div id="header">
<div class="wmap">
<div class="layout-wrapper">
<div class="container-fluid">
<div class="pull-right visible-phone">
<a href="https://www.inthinking.net">
<img src="../../../thinkib/header-logo.svg" style="height: 45px; width: auto">
</a>
</div>
<div class="visible-phone" style="clear:both;"></div>
<div class="pull-left">
<h1><a href="../../../economics-1.html?lg=50735"><span style="font-size: .8em;">IBDP Economics - Student pages</span></a></h1>
<p class="slogan hidden-phone"><span class="slogan"><em>InThinking</em> Subject Sites for teachers & their classes</span></p>
<p class="hidden-phone"><em>Group: <br>Teacher: </em></p>
</div>
<div class="pull-right text-right">
<a class="hidden-phone" href="https://www.inthinking.net">
<img src="../../../thinkib/header-logo.svg" style="height: 70px; width: auto">
</a>
<div class="search"><a href="#" class="toggle-menu-search" data-toggle="dropdown" title="Search"><i class="fa fa-2x fa-search"></i></a></div>
</div>
</div>
</div>
</div>
</div>
<div id="topmenu">
<div class="layout-wrapper">
<div>
<nav class="top-nav"><ul class="level-0"><li><a href="../../../economics-1.html?lg=50735"><i class="fa fa-home"></i> Home</a></li><li><a href="../20131/start-here.html">Start here</a></li><li><a href="../27378/the-ib-core.html">The IB core</a></li><li><a href="../32112/textbook.html">Textbook</a></li><li class="selected"><a href="../20132/units-1-2-microeconomics.html">Units 1-2: Microeconomics</a></li><li><a href="../21842/unit-3-macroeconomics-.html">Unit 3: Macroeconomics </a></li><li><a href="../21844/unit-4-global-economy.html">Unit 4: Global economy</a></li><li><a href="../21380/assessment.html">Assessment</a></li><li><a href="../4332/exam-style-questions.html">Exam style questions</a></li></ul></nav>
</div>
</div>
</div>
<nav id="nav-menu-search" class="shadow-md" style="display: none;">
<div class="layout-wrapper">
<form class="form-inline" role="search" method="get" action="economics/search">
<input id="nav-search" name="s" type="search" placeholder="Search Economics..." value="">
<button class="btn btn-sm btn-primary" type="submit">
Search
</button>
<a href="#" class="toggle-menu-search" title="Close">
<i class="fa fa-lg fa-times gray"></i>
</a>
</form>
</div>
</nav>
<div class="layout-wrapper">
<div id="container" class="container-fluid">
<div id="content">
<div class="row-fluid">
<div id="left-column" class="span3"> <div id="userbox">
<div class="dropdown" style="display: flex; align-items: center;">
<a href="#" data-toggle="dropdown" class="dropdown-toggle btn">
<img style="width: 16px; height: 16px; margin: -2px 0 0 0;" src="../../../thinkib/user/generic/32-generic-user.png">
IB Docs (2) Team <i class="fa fa-caret-down"></i>
</a>
<ul class="dropdown-menu" id="menu1">
<li class="dropdown-submenu"><a href="#" data-toggle="dropdown" class="dropdown-toggle"><i class="fa fa-caret-right fixwidth gray"></i> IBDP Business Management</a><ul class="dropdown-menu" style="padding: 0; border-radius: 3px; margin-left: -4px; margin-top: -1px;"><li><a href="../../../businessmanagement-5.html?lg=51189"><i class="fa fa-group gray fixwidth"></i> 1</a></li><li><a href="../../../businessmanagement-6.html?lg=51192"><i class="fa fa-group gray fixwidth"></i> 2</a></li></ul></li><li><a href="../../../economics-1.html?lg=50735"><i class="fa fa-caret-right fixwidth gray"></i> IBDP Economics</a></li><li class="divider"></li><li><a href="../../../index-2.htm"><i class="fa fa-dashboard fixwidth colored"></i> Dashboard</a></li><li><a href="../../../index-3.htm?pan=tasks"><i class="fa fa-pencil fixwidth colored"></i> All tasks</a></li><li><a href="../../../index-2.htm"><i class="fa fa-user fixwidth colored"></i> My profile</a></li>
<li class="divider"></li>
<li>
<a href="../../../index-2.htm?logout=1">
<i class="fa fa-power-off fixwidth"></i> Log out
</a>
</li>
</ul>
</div>
</div><div style="margin: 20px 0;"><a href="../../sitemap.html" class="btn btn-default btn-block"><i class="fa fa-sitemap fixwidth colored"></i>Sitemap</a></div><div id="topicsnav" style="margin: 0; padding: 0px;"> <div class="row-fluid accordion-group" style="border: 0px; margin-bottom: 0px;"> <div style="padding: 6px 4px 6px 8px; background: #204a87;"> <a class="accordion-toggle std-header" style="color: #fff; text-shadow: 1px 1px 1px #444; padding: 0px; text-decoration: none; font-size: 16px; font-weight: 400;" data-toggle="collapse" data-parent="#topicsnav" href="#side-box-topics-list"> <i class="fa fa-caret-right fa-rotate-90 white" style="margin-left: 4px;"></i> Topics </a> <span id="sidetreecontrol"> <a title="Collapse all" rel="collapse" href="#"> <i class="fa fa-minus-circle"></i> </a> <a title="Expand all" rel="expand" href="#"> <i class="fa fa-plus-circle"></i> </a> </span> </div> <div id="side-box-topics-list" class="accordion-body in collapse"> <div class="accordion-inner" style="line-height: 1.7em; padding: 0;"> <nav class="side-nav" id="sidemenu"><ul class="level-0 always-expanded"><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../20131/start-here.html" title="Start here">Start here</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46026/getting-started-for-students.html" title="Getting started for students">Getting started for students</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45198/predicted-grade-calculator.html" title="Predicted grade calculator">Predicted grade calculator</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Using the student access on the site ">Using the student access on the site </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32021/giving-students-access-to-the-inthinking-site.html" title="Giving students access to the Inthinking site">Giving students access to the Inthinking site</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20150/recommended-reading-.html" title="Recommended reading ">Recommended reading </a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Economics games">Economics games</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26967/activities-and-simulations.html" title="Activities and simulations">Activities and simulations</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41381/crosswords.html" title="Crosswords">Crosswords</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Old curriculum resources">Old curriculum resources</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29986/price-discrimination-old-syllabus-hl.html" title="Price discrimination (old syllabus) HL">Price discrimination (old syllabus) HL</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../27378/the-ib-core.html" title="The IB core">The IB core</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../1583/extended-essay.html" title="Extended essay">Extended essay</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../27917/the-5-year-rule-in-economics-.html" title="The 5 year rule in economics ">The 5 year rule in economics </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21411/using-the-ee-markbands-.html" title="Using the EE markbands ">Using the EE markbands </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21412/focus-on-the-criteria-.html" title="Focus on the criteria ">Focus on the criteria </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20780/extended-essay-checklist.html" title="Extended essay checklist">Extended essay checklist</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20786/exemplar-extended-essay-.html" title="Exemplar extended essay ">Exemplar extended essay </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20819/annotated-extended-essay-sample-1-grading-criteria.html" title="Annotated extended essay sample 1 (grading criteria)">Annotated extended essay sample 1 (grading criteria)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../36082/annotated-extended-essay-sample-1.html" title="Annotated extended essay sample 1">Annotated extended essay sample 1</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../36110/annotated-extended-essay-sample-1-grading-criteria.html" title="Annotated extended essay sample 1 (grading criteria)">Annotated extended essay sample 1 (grading criteria)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20792/annotated-extended-essay-sample-2.html" title="Annotated extended essay sample 2">Annotated extended essay sample 2</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20820/annotated-extended-essay-sample-2-grading-criteria.html" title="Annotated extended essay sample 2 (grading criteria)">Annotated extended essay sample 2 (grading criteria)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26701/annotated-extended-essay-sample-3.html" title="Annotated extended essay sample 3">Annotated extended essay sample 3</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../26702/annotated-extended-essay-sample-3-grading-criteria.html" title="Annotated extended essay sample 3 (grading criteria)">Annotated extended essay sample 3 (grading criteria)</a></li></ul></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../32112/textbook.html" title="Textbook">Textbook</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../33061/contents-page.html" title="Contents page">Contents page</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../37990/textbook-approach-to-the-new-ib-economics-examination-specificat.html" title="Textbook approach to the new IB Economics examination specification">Textbook approach to the new IB Economics examination specification</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../33060/chapter-1-introduction-to-economics.html" title="Chapter 1: Introduction to Economics">Chapter 1: Introduction to Economics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32395/unit-11-introduction-to-economics.html" title="Unit 1.1: Introduction to Economics">Unit 1.1: Introduction to Economics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32541/unit-12-how-do-economists-approach-the-world.html" title="Unit 1.2: How do economists approach the world?">Unit 1.2: How do economists approach the world?</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../33063/chapter-2-microeconomics.html" title="Chapter 2: Microeconomics">Chapter 2: Microeconomics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32533/unit-21-demand-theory.html" title="Unit 2.1: Demand theory">Unit 2.1: Demand theory</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32555/unit-22-supply-theory.html" title="Unit 2.2: Supply theory">Unit 2.2: Supply theory</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32567/unit-23-competitive-market-equilibrium.html" title="Unit 2.3: Competitive market equilibrium">Unit 2.3: Competitive market equilibrium</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32575/unit-241-behavioural-economics-hl.html" title="Unit 2.4(1): Behavioural economics (HL)">Unit 2.4(1): Behavioural economics (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32798/unit-242-business-objectives-hl.html" title="Unit 2.4(2): Business objectives (HL)">Unit 2.4(2): Business objectives (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32663/unit-251-price-elasticity-of-demand-ped.html" title="Unit 2.5(1): Price elasticity of demand (PED)">Unit 2.5(1): Price elasticity of demand (PED)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32788/unit-252-income-elasticity-of-demand-yed--1.html" title="Unit 2.5(2): Income elasticity of demand (YED) ">Unit 2.5(2): Income elasticity of demand (YED) </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32789/unit-26-price-elasticity-of-supply-pes--1.html" title="Unit 2.6: Price elasticity of supply (PES) ">Unit 2.6: Price elasticity of supply (PES) </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33388/unit-271-governments-in-markets-tax-and-subsidy-.html" title="Unit 2.7(1): Governments in markets - tax and subsidy ">Unit 2.7(1): Governments in markets - tax and subsidy </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33424/unit-272-governments-in-markets-price-controls.html" title="Unit 2.7(2): Governments in markets - price controls">Unit 2.7(2): Governments in markets - price controls</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33665/unit-281-market-failure-externalities.html" title="Unit 2.8(1): Market failure – externalities">Unit 2.8(1): Market failure – externalities</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33808/unit-282-market-failure-merit-goods-and-demerit-goods-.html" title="Unit 2.8(2): Market failure - merit goods and demerit goods ">Unit 2.8(2): Market failure - merit goods and demerit goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34054/unit-283-government-intervention-to-manage-externalities-merit-a.html" title="Unit 2.8(3): Government intervention to manage externalities, merit and demerit goods ">Unit 2.8(3): Government intervention to manage externalities, merit and demerit goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34082/unit-284-common-access-pool-resources.html" title="Unit 2.8(4): Common access (pool) resources">Unit 2.8(4): Common access (pool) resources</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34087/unit-29-public-goods.html" title="Unit 2.9: Public goods">Unit 2.9: Public goods</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34247/unit-210-asymmetric-information-hl.html" title="Unit 2.10: Asymmetric information (HL)">Unit 2.10: Asymmetric information (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35118/unit-2111-market-power-theory-of-production-and-costs-hl.html" title="Unit 2.11(1) Market power - Theory of production and costs (HL)">Unit 2.11(1) Market power - Theory of production and costs (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35125/unit-2112-market-power-perfect-competitionhl.html" title="Unit 2.11(2) Market power - Perfect competition(HL)">Unit 2.11(2) Market power - Perfect competition(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35147/unit-2113-market-power-monopolyhl.html" title="Unit 2.11(3) Market power - Monopoly(HL)">Unit 2.11(3) Market power - Monopoly(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35151/unit-2114-market-power-monopolistic-competitionhl.html" title="Unit 2.11(4) Market power - Monopolistic competition(HL)">Unit 2.11(4) Market power - Monopolistic competition(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35153/unit-2115-market-power-oligopolyhl.html" title="Unit 2.11(5) Market power - Oligopoly(HL)">Unit 2.11(5) Market power - Oligopoly(HL)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41603/economics-real-world-examples-and-extension-material-.html" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43378/opportunity-cost-and-production-possibility-curves.html" title="Opportunity cost and production possibility curves">Opportunity cost and production possibility curves</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42559/demand-theory.html" title="Demand theory">Demand theory</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41886/the-price-mechanism.html" title="The price mechanism">The price mechanism</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43188/market-demand-and-supply.html" title="Market demand and supply">Market demand and supply</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41705/demerit-goods.html" title="Demerit goods">Demerit goods</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42275/market-failure-and-climate-change.html" title="Market failure and climate change">Market failure and climate change</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42925/market-power.html" title="Market power">Market power</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42099/applying-game-theory.html" title="Applying game theory">Applying game theory</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../34407/chapter-3-macroeconomics.html" title="Chapter 3: Macroeconomics">Chapter 3: Macroeconomics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34355/unit-311-measuring-the-level-of-economic-activity.html" title="Unit 3.1(1): Measuring the level of economic activity">Unit 3.1(1): Measuring the level of economic activity</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34432/unit-312-measuring-economic-development.html" title="Unit 3.1(2): Measuring Economic Development">Unit 3.1(2): Measuring Economic Development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34485/unit-321-variations-in-economic-activity-aggregate-demand-ad-.html" title="Unit 3.2(1): Variations in economic activity - aggregate demand (AD) ">Unit 3.2(1): Variations in economic activity - aggregate demand (AD) </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34487/unit-322-variations-in-economic-activity-aggregate-supplyas.html" title="Unit 3.2(2): Variations in economic activity - aggregate supply(AS)">Unit 3.2(2): Variations in economic activity - aggregate supply(AS)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34758/unit-331-macroeconomic-objectives-economic-growth.html" title="Unit 3.3(1) Macroeconomic objectives: economic growth">Unit 3.3(1) Macroeconomic objectives: economic growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34771/unit-332-macroeconomic-objectives-unemployment-.html" title="Unit 3.3(2) Macroeconomic objectives: unemployment ">Unit 3.3(2) Macroeconomic objectives: unemployment </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34778/unit-333-macroeconomic-objectives-inflation-and-deflation--1.html" title="Unit 3.3(3) Macroeconomic objectives: inflation and deflation ">Unit 3.3(3) Macroeconomic objectives: inflation and deflation </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34925/unit-341-economics-of-inequality-and-poverty-1.html" title="Unit 3.4(1) Economics of inequality and poverty">Unit 3.4(1) Economics of inequality and poverty</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34946/unit-342-policies-to-improve-equality-equity-and-poverty.html" title="Unit 3.4(2) Policies to improve equality, equity and poverty">Unit 3.4(2) Policies to improve equality, equity and poverty</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34993/unit-35-government-management-of-the-economy-monetary-policy-1.html" title="Unit 3.5 Government management of the economy – monetary policy">Unit 3.5 Government management of the economy – monetary policy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34962/unit-36-government-management-of-the-economy-fiscal-policy-1.html" title="Unit 3.6 Government management of the economy – fiscal policy">Unit 3.6 Government management of the economy – fiscal policy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35017/unit-371-market-based-supply-side-policies--1.html" title="Unit 3.7(1) Market based supply-side policies ">Unit 3.7(1) Market based supply-side policies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35018/unit-372-interventionist-supply-side-policies-.html" title="Unit 3.7(2) Interventionist supply-side policies ">Unit 3.7(2) Interventionist supply-side policies </a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45803/economics-real-world-examples-and-extension-material--1.html" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42639/measuring-economic-well-being-1.html" title="Measuring economic well-being">Measuring economic well-being</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43044/inflation.html" title="Inflation">Inflation</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42350/inequality.html" title="Inequality">Inequality</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41639/inequity-1.html" title="Inequity">Inequity</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../35414/chapter-4-the-global-economy.html" title="Chapter 4: The Global Economy">Chapter 4: The Global Economy</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35346/unit-41-benefits-of-international-trade-1.html" title="Unit 4.1 Benefits of international trade">Unit 4.1 Benefits of international trade</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35348/unit-4243-trade-protectionism-1.html" title="Unit 4.2/4.3 Trade protectionism">Unit 4.2/4.3 Trade protectionism</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35407/unit-44-economic-integration-.html" title="Unit 4.4 Economic integration ">Unit 4.4 Economic integration </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35409/unit-45-exchange-rates-1.html" title="Unit 4.5 Exchange rates">Unit 4.5 Exchange rates</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35413/unit-46-balance-of-payments--1.html" title="Unit 4.6 Balance of payments ">Unit 4.6 Balance of payments </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35675/unit-47-sustainable-development.html" title="Unit 4.7 Sustainable development">Unit 4.7 Sustainable development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35685/unit-48-measuring-development--1.html" title="Unit 4.8 Measuring development ">Unit 4.8 Measuring development </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35687/unit-49-barriers-to-economic-development-1.html" title="Unit 4.9 Barriers to economic development">Unit 4.9 Barriers to economic development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35702/unit-410-economic-growth-and-economic-development-strategies.html" title="Unit 4.10: Economic growth and economic development strategies">Unit 4.10: Economic growth and economic development strategies</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45804/economics-real-world-examples-and-extension-material-.html" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41927/foreign-currency-1.html" title="Foreign currency">Foreign currency</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43532/exchange-rates-1.html" title="Exchange rates">Exchange rates</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43804/balance-of-payments.html" title="Balance of payments">Balance of payments</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41796/economic-development-1.html" title="Economic development">Economic development</a></li></ul></ul></ul><li class="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../20132/units-1-2-microeconomics.html" title="Units 1-2: Microeconomics">Units 1-2: Microeconomics</a></li><ul class="level-1 expanded"><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Unit 1: Introduction to economics">Unit 1: Introduction to economics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20091/introductory-activity-1.html" title="Introductory activity">Introductory activity</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20093/unit-11-scarcity-choice-and-opportunity-cost.html" title="Unit 1.1: Scarcity, choice and opportunity cost">Unit 1.1: Scarcity, choice and opportunity cost</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21647/factors-of-production-1.html" title="Factors of production">Factors of production</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20114/economic-systems.html" title="Economic systems">Economic systems</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20134/public-and-private-sectors-1.html" title="Public and private sectors">Public and private sectors</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28055/unit-12-economics-as-a-social-science-1.html" title="Unit 1.2: Economics as a social science">Unit 1.2: Economics as a social science</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29921/circular-flow-of-national-income.html" title="Circular flow of national income">Circular flow of national income</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29829/unit-1-review-terms-1.html" title="Unit 1: Review terms">Unit 1: Review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41600/introduction-to-economics-crossword-1.html" title="Introduction to economics crossword">Introduction to economics crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../4331/unit-1-multiple-choice-quiz.html" title="Unit 1: Multiple choice quiz">Unit 1: Multiple choice quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20177/unit-21-23-competitive-markets-demand-and-supply-1.html" title="Unit 2.1-2.3: Competitive markets - demand and supply">Unit 2.1-2.3: Competitive markets - demand and supply</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28517/unit-21-demand-1.html" title="Unit 2.1: Demand">Unit 2.1: Demand</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22349/determinants-of-demand-1.html" title="Determinants of demand">Determinants of demand</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29949/unit-22-supply-.html" title="Unit 2.2: Supply ">Unit 2.2: Supply </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20184/changes-to-supply-and-demand-.html" title="Changes to supply and demand ">Changes to supply and demand </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21992/practise-exercises-1.html" title="Practise exercises">Practise exercises</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../26112/gold-exchange-game-demand-and-supply-1.html" title="Gold exchange game: Demand and supply">Gold exchange game: Demand and supply</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20194/unit-23-competitive-market-equilibrium-1.html" title="Unit 2.3: Competitive market equilibrium">Unit 2.3: Competitive market equilibrium</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20144/producer-and-consumer-surplus-1.html" title="Producer and consumer surplus">Producer and consumer surplus</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22351/veblen-goods-and-super-luxury-goods-1.html" title="Veblen goods and super luxury goods">Veblen goods and super luxury goods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25677/are-cryptocurrencies-the-new-tulipmania.html" title="Are Cryptocurrencies the new Tulipmania?">Are Cryptocurrencies the new Tulipmania?</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20472/unit-21-23-multiple-choice-quiz.html" title="Unit 2.1-2.3: Multiple choice quiz">Unit 2.1-2.3: Multiple choice quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20113/unit-24-consumer-and-producer-behaviour-hl-only-1.html" title="Unit 2.4: Consumer and producer behaviour (HL only)">Unit 2.4: Consumer and producer behaviour (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../36073/behavioural-economics-consumer-biases-nudge-theory-hl-only-1.html" title="Behavioural economics: Consumer biases / nudge theory (HL only)">Behavioural economics: Consumer biases / nudge theory (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20378/business-objectives-hl-only.html" title="Business objectives (HL only)">Business objectives (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28741/unit-21-24-review-terms--1.html" title="Unit 2.1-2.4: Review terms ">Unit 2.1-2.4: Review terms </a></li></ul><li class="ancestor parent" style="padding-left: 14px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../20195/unit-25-26-elasticity-1.html" title="Unit 2.5-2.6: Elasticity">Unit 2.5-2.6: Elasticity</a></li><ul class="level-2 expanded"><li class="ancestor parent" style="padding-left: 28px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../28713/unit-25-price-elasticity-of-demand-1.html" title="Unit 2.5: Price elasticity of demand">Unit 2.5: Price elasticity of demand</a></li><ul class="level-3 expanded"><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21545/determinants-of-price-elasticity-.html" title="Determinants of price elasticity ">Determinants of price elasticity </a></li><li class="current" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="ped-elasticity-and-sales-revenue.html" title="PED elasticity and sales revenue?">PED elasticity and sales revenue?</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21259/unit-25-income-elasticity-of-demand-yed.html" title="Unit 2.5: Income elasticity of demand (YED)">Unit 2.5: Income elasticity of demand (YED)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21200/unit-26-price-elasticity-of-supply.html" title="Unit 2.6: Price elasticity of supply">Unit 2.6: Price elasticity of supply</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20207/perfectly-elastic-inelastic-supply-curves.html" title="Perfectly elastic / inelastic supply curves">Perfectly elastic / inelastic supply curves</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20230/a-mathematical-note-about-elasticity-.html" title="A mathematical note about elasticity ">A mathematical note about elasticity </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39037/demand-and-supply-crossword.html" title="Demand and supply crossword">Demand and supply crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29021/unit-25-26-review-terms-1.html" title="Unit 2.5-2.6: Review terms">Unit 2.5-2.6: Review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20474/unit-25-26-multiple-choice-quiz--1.html" title="Unit 2.5-2.6: Multiple choice quiz ">Unit 2.5-2.6: Multiple choice quiz </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44474/unit-21-25-competitive-markets-quiz-1.html" title="Unit 2.1- 2.5: Competitive markets quiz">Unit 2.1- 2.5: Competitive markets quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20243/unit-27-the-role-of-government-in-microeconomics--1.html" title="Unit 2.7: The role of government in microeconomics ">Unit 2.7: The role of government in microeconomics </a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26590/indirect-taxation.html" title="Indirect taxation">Indirect taxation</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20246/ped-and-the-burden-of-tax-hl-only-.html" title="PED and the burden of tax (HL only) ">PED and the burden of tax (HL only) </a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20277/government-subsidies--1.html" title="Government subsidies ">Government subsidies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29117/unit-27-indirect-tax-and-subsidy-review-terms-1.html" title="Unit 2.7: Indirect tax and subsidy review terms">Unit 2.7: Indirect tax and subsidy review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20287/price-controls-maximum-price--1.html" title="Price controls − maximum price ">Price controls − maximum price </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20288/minimum-price-.html" title="Minimum price ">Minimum price </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21540/minimum-wage-.html" title="Minimum wage ">Minimum wage </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38849/labour-market-crossword-1.html" title="Labour market crossword">Labour market crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29260/unit-27-price-controls-review-terms-1.html" title="Unit 2.7: Price controls review terms">Unit 2.7: Price controls review terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20303/unit-28-210-market-failure--1.html" title="Unit 2.8-2.10: Market failure ">Unit 2.8-2.10: Market failure </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21543/unit-28-merit-goods--1.html" title="Unit 2.8: Merit goods ">Unit 2.8: Merit goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../23123/unit-28-demerit-goods-negative-externalities-1.html" title="Unit 2.8: Demerit goods / negative externalities">Unit 2.8: Demerit goods / negative externalities</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38850/market-failure-crossword-1.html" title="Market failure crossword">Market failure crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29262/unit-29-economics-of-the-environment-and-public-goods--1.html" title="Unit 2.9: Economics of the environment and public goods ">Unit 2.9: Economics of the environment and public goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20332/unit-210-asymmetric-information-hl-only-1.html" title="Unit 2.10: Asymmetric information (HL only)">Unit 2.10: Asymmetric information (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29828/unit-28-210-market-failure-review-sheet.html" title="Unit 2.8-2.10: Market failure review sheet">Unit 2.8-2.10: Market failure review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29827/unit-28-210-market-failure-review-terms.html" title="Unit 2.8-2.10: Market failure review terms">Unit 2.8-2.10: Market failure review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20479/unit-27-210-multiple-choice-quiz--1.html" title="Unit 2.7-2.10: Multiple choice quiz ">Unit 2.7-2.10: Multiple choice quiz </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44501/unit-27-210-government-failure-revision-quiz-1.html" title="Unit 2.7-2.10 Government failure revision quiz">Unit 2.7-2.10 Government failure revision quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20330/unit-211-market-power-hl-only-1.html" title="Unit 2.11: Market power (HL only)">Unit 2.11: Market power (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29835/assessment-map.html" title="Assessment map">Assessment map</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21528/production-hl-only.html" title="Production (HL only)">Production (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29978/revenue-theory-hl-only.html" title="Revenue theory (HL only)">Revenue theory (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20357/costs-of-production-hl-only.html" title="Costs of production (HL only)">Costs of production (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21286/economies-and-diseconomies-of-scale-hl-only.html" title="Economies and diseconomies of scale (HL only)">Economies and diseconomies of scale (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22494/long-run-average-cost-curves-hl-only.html" title="Long run average cost curves (HL only)">Long run average cost curves (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../29838/breakeven-hl-only.html" title="Breakeven (HL only)">Breakeven (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20340/economic-profit-hl-only.html" title="Economic profit (HL only)">Economic profit (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39082/market-power-crossword.html" title="Market power crossword">Market power crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22495/revision-exercise-on-cost-and-revenue-hl-only.html" title="Revision exercise on cost and revenue (HL only)">Revision exercise on cost and revenue (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29845/unit-211-costs-revenue-and-profit-review-sheet-hl-only.html" title="Unit 2.11: Costs, revenue and profit review sheet (HL only)">Unit 2.11: Costs, revenue and profit review sheet (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44484/unit-211-multiple-choice-quiz-sl-units-1.html" title="Unit 2.11: Multiple choice quiz (SL units)">Unit 2.11: Multiple choice quiz (SL units)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29846/market-structures-hl-only-1.html" title="Market structures (HL only)">Market structures (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29981/perfect-competition-hl-only-1.html" title="Perfect competition (HL only)">Perfect competition (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24486/profit-in-perfect-competition-hl-only-1.html" title="Profit in perfect competition (HL only)">Profit in perfect competition (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21302/efficiency-in-perfect-competition-hl-only.html" title="Efficiency in perfect competition (HL only)">Efficiency in perfect competition (HL only)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20430/monopoly-hl-only-1.html" title="Monopoly (HL only)">Monopoly (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24529/profit-and-revenue-maximisation-in-monopoly-hl-only-1.html" title="Profit and revenue maximisation in monopoly (HL only)">Profit and revenue maximisation in monopoly (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21306/a-comparison-of-monopoly-and-perfect-competition-hl-only-1.html" title="A comparison of monopoly and perfect competition? (HL only)">A comparison of monopoly and perfect competition? (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20435/monopolistic-competition-hl-only-1.html" title="Monopolistic competition (HL only)">Monopolistic competition (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20436/oligopoly-hl-only-1.html" title="Oligopoly (HL only)">Oligopoly (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22310/game-theory-hl-only-1.html" title="Game theory (HL only)">Game theory (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29918/unit-211-market-structures-review-sheet-hl-only-1.html" title="Unit 2.11: Market structures review sheet (HL only)">Unit 2.11: Market structures review sheet (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32337/unit-211-diagram-revision-.html" title="Unit 2.11: Diagram revision ">Unit 2.11: Diagram revision </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20480/unit-211-multiple-choice-quiz-hl-only-1.html" title="Unit 2.11: Multiple choice quiz (HL only)">Unit 2.11: Multiple choice quiz (HL only)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32425/unit-212-the-markets-inability-to-achieve-equity-hl-only-1.html" title="Unit 2.12: The market’s inability to achieve equity (HL only)">Unit 2.12: The market’s inability to achieve equity (HL only)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../21842/unit-3-macroeconomics-.html" title="Unit 3: Macroeconomics ">Unit 3: Macroeconomics </a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../3942/unit-31-measuring-economic-activity-and-illustrating-its-variati-1.html" title="Unit 3.1: Measuring economic activity and illustrating its variations">Unit 3.1: Measuring economic activity and illustrating its variations</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20558/calculating-national-income-1.html" title="Calculating national income">Calculating national income</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21297/gdp-gni-as-a-measure-of-living-standards.html" title="GDP / GNI as a measure of living standards">GDP / GNI as a measure of living standards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20567/national-income-statistics-1.html" title="National income statistics">National income statistics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21580/the-business-cycle-1.html" title="The business cycle">The business cycle</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29931/unit-31-economic-activity-review-sheet-1.html" title="Unit 3.1: Economic activity review sheet">Unit 3.1: Economic activity review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20592/unit-32-variations-in-economic-activityaggregate-demand-and-aggr-1.html" title="Unit 3.2: Variations in economic activity—aggregate demand and aggregate supply">Unit 3.2: Variations in economic activity—aggregate demand and aggregate supply</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29933/aggregate-demand-and-supply.html" title="Aggregate demand and supply">Aggregate demand and supply</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21582/components-of-aggregate-demand-1.html" title="Components of aggregate demand">Components of aggregate demand</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20634/equilibrium-in-macroeconomics-neo-classical-perspective-1.html" title="Equilibrium in macroeconomics (neo-classical perspective)">Equilibrium in macroeconomics (neo-classical perspective)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20439/equilibrium-in-macroeconomics-keynesian-perspective-1.html" title="Equilibrium in macroeconomics (keynesian perspective)">Equilibrium in macroeconomics (keynesian perspective)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21349/john-maynard-keynes-1.html" title="John Maynard Keynes">John Maynard Keynes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20650/keynesian-v-free-market-debate--1.html" title="Keynesian v free market debate ">Keynesian v free market debate </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21342/changes-in-the-long-run-aggregate-supply-1.html" title="Changes in the long run aggregate supply">Changes in the long run aggregate supply</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30055/unit-32-aggregate-demand-and-supply-review-sheet-1.html" title="Unit 3.2: Aggregate demand and supply review sheet">Unit 3.2: Aggregate demand and supply review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20610/unit-35-and-36-demand-management-fiscal-and-monetary-policy-1.html" title="Unit 3.5 and 3.6: Demand management - fiscal and monetary policy">Unit 3.5 and 3.6: Demand management - fiscal and monetary policy</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30058/government-budget.html" title="Government budget">Government budget</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21585/fiscal-policy--1.html" title="Fiscal policy ">Fiscal policy </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21343/multiplier-hl-only.html" title="Multiplier (HL only)">Multiplier (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21795/monetary-policy--1.html" title="Monetary policy ">Monetary policy </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30071/independent-central-banks-1.html" title="Independent central banks">Independent central banks</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30083/unit-35-and-36-review-sheet.html" title="Unit 3.5 and 3.6 review sheet">Unit 3.5 and 3.6 review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20615/unit-37-supply-side-policies-1.html" title="Unit 3.7: Supply side policies">Unit 3.7: Supply side policies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20651/the-role-of-supply-side-policies-1.html" title="The role of supply side policies">The role of supply side policies</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20622/market-based-and-interventionist-supply-side-policies--1.html" title="Market based and interventionist supply side policies ">Market based and interventionist supply side policies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39129/aggregate-demand-and-supply-crossword-1.html" title="Aggregate demand and supply crossword">Aggregate demand and supply crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30086/unit-37-review-sheet-1.html" title="Unit 3.7: Review sheet">Unit 3.7: Review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20755/unit-31-32-and-35-37-multiple-choice-quiz--1.html" title="Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz ">Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz </a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44522/unit-31-32-and-35-37-revision-quiz-1.html" title="Unit 3.1-3.2 and 3.5-3.7: Revision quiz">Unit 3.1-3.2 and 3.5-3.7: Revision quiz</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20686/unit-33-macroeconomic-objectives.html" title="Unit 3.3: Macroeconomic objectives">Unit 3.3: Macroeconomic objectives</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30118/unemployment.html" title="Unemployment">Unemployment</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21351/types-of-unemployment.html" title="Types of unemployment?">Types of unemployment?</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21593/equilibrium-unemployment-.html" title="Equilibrium unemployment ">Equilibrium unemployment </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21594/disequilibrium-unemployment-1.html" title="Disequilibrium unemployment">Disequilibrium unemployment</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../30458/unemployment-review-sheet-1.html" title="Unemployment review sheet">Unemployment review sheet</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20713/inflation--1.html" title="Inflation ">Inflation </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20712/measuring-inflation-hl-only-1.html" title="Measuring inflation (HL only)">Measuring inflation (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20685/costs-of-inflation-and-deflation-1.html" title="Costs of inflation and deflation">Costs of inflation and deflation</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../30465/inflation-review-sheet.html" title="Inflation review sheet">Inflation review sheet</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20716/unemployment-v-inflation-trade-off-hl-only-1.html" title="Unemployment v inflation trade off (HL only)">Unemployment v inflation trade off (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39133/macroeconomic-objectives-crossword-1.html" title="Macroeconomic objectives crossword">Macroeconomic objectives crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44511/unit-33-macroeconomic-indicators-revision-quiz-1.html" title="Unit 3.3: Macroeconomic indicators revision quiz">Unit 3.3: Macroeconomic indicators revision quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20741/unit-34-economics-of-inequality-and-poverty-1.html" title="Unit 3.4: Economics of inequality and poverty">Unit 3.4: Economics of inequality and poverty</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32398/inequality-1.html" title="Inequality">Inequality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21356/the-role-of-spending-and-taxation-on-inequality--1.html" title="The role of spending and taxation on inequality ">The role of spending and taxation on inequality </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21313/consequences-of-economic-growth-1.html" title="Consequences of economic growth">Consequences of economic growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30257/economic-growth-and-inequality-review-sheet-1.html" title="Economic growth and inequality review sheet">Economic growth and inequality review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20756/unit-33-34-multiple-choice-.html" title="Unit 3.3-3.4: Multiple choice ">Unit 3.3-3.4: Multiple choice </a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../21844/unit-4-global-economy.html" title="Unit 4: Global economy">Unit 4: Global economy</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21367/unit-41-benefits-of-international-trade.html" title="Unit 4.1: Benefits of international trade">Unit 4.1: Benefits of international trade</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30529/benefits-of-international-trade.html" title="Benefits of international trade">Benefits of international trade</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20823/absolute-and-comparative-advantage-hl-only-1.html" title="Absolute and comparative advantage (HL only)">Absolute and comparative advantage (HL only)</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20845/unit-42-43-trade-protection-1.html" title="Unit 4.2-4.3: Trade protection">Unit 4.2-4.3: Trade protection</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32419/barriers-to-trade-calculations-are-hl-only-1.html" title="Barriers to trade (calculations are HL only)">Barriers to trade (calculations are HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21610/case-study-on-tata-steel-1.html" title="Case study on Tata Steel">Case study on Tata Steel</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../23455/the-defence-industry-1.html" title="The Defence industry">The Defence industry</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30610/unit-41-43-review-sheet-1.html" title="Unit 4.1-4.3: Review sheet">Unit 4.1-4.3: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20894/unit-44-economic-integration--1.html" title="Unit 4.4: Economic integration ">Unit 4.4: Economic integration </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30634/economic-integration-some-hl-tasks-1.html" title="Economic integration (some HL tasks)">Economic integration (some HL tasks)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20840/world-trade-organisation-wto-1.html" title="World trade organisation (WTO)">World trade organisation (WTO)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30635/unit-44-review-sheet-1.html" title="Unit 4.4: Review sheet">Unit 4.4: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20853/unit-45-exchange-rates-1.html" title="Unit 4.5: Exchange rates">Unit 4.5: Exchange rates</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30611/floating-exchange-rates-1.html" title="Floating exchange rates">Floating exchange rates</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../31824/fixed-managed-exchange-rate-systems-some-hl-tasks-1.html" title="Fixed / managed exchange rate systems (some HL tasks)">Fixed / managed exchange rate systems (some HL tasks)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21624/the-market-for-foreign-exchange-1.html" title="The market for foreign exchange">The market for foreign exchange</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30614/unit-45-review-sheet-1.html" title="Unit 4.5: Review sheet">Unit 4.5: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20859/unit-46-balance-of-payments-1.html" title="Unit 4.6: Balance of payments">Unit 4.6: Balance of payments</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30624/balance-of-payments--1.html" title="Balance of payments ">Balance of payments </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21386/current-account-hl-only-1.html" title="Current account (HL only)">Current account (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20872/the-marshall-lerner-condition-j-curve-hl-only-1.html" title="The Marshall-Lerner condition / J curve (HL only)">The Marshall-Lerner condition / J curve (HL only)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20899/units-41-46-multiple-choice-quiz--1.html" title="Units 4.1-4.6: Multiple choice quiz ">Units 4.1-4.6: Multiple choice quiz </a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42989/unit-41-46-multiple-choice-quiz-ii-1.html" title="Unit 4.1-4.6: Multiple choice quiz II">Unit 4.1-4.6: Multiple choice quiz II</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../39438/unit-41-46-international-trade-crossword-1.html" title="Unit 4.1-4.6: International trade crossword">Unit 4.1-4.6: International trade crossword</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32423/unit-47-sustainable-development--1.html" title="Unit 4.7: Sustainable development ">Unit 4.7: Sustainable development </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26092/water-scarcity-activity-1.html" title="Water scarcity activity">Water scarcity activity</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32426/sustainable-development.html" title="Sustainable development">Sustainable development</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20928/unit-48-measuring-development--1.html" title="Unit 4.8: Measuring development ">Unit 4.8: Measuring development </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30686/measuring-development-1.html" title="Measuring development">Measuring development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21627/economic-development--1.html" title="Economic development ">Economic development </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30679/unit-47-48-review-sheet.html" title="Unit 4.7-4.8: Review sheet">Unit 4.7-4.8: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Unit 4.9: Barriers to development">Unit 4.9: Barriers to development</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30727/barriers-to-development-in-international-trade-1.html" title="Barriers to development in International trade">Barriers to development in International trade</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32430/unit-410-economic-growth-andor-economic-development-strategies-1.html" title="Unit 4.10: Economic growth and/or economic development strategies">Unit 4.10: Economic growth and/or economic development strategies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30687/the-role-of-domestic-factors-1.html" title="The role of domestic factors">The role of domestic factors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30688/the-role-of-international-trade-and-development-1.html" title="The role of international trade and development">The role of international trade and development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30689/the-role-of-foreign-direct-investment-fdi-1.html" title="The role of foreign direct investment (FDI)">The role of foreign direct investment (FDI)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../25240/the-role-of-foreign-aid--1.html" title="The role of foreign aid ">The role of foreign aid </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30819/multilateral-development-assistance-1.html" title="Multilateral development assistance">Multilateral development assistance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21632/the-role-of-international-debt-1.html" title="The role of international debt">The role of international debt</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../25242/the-balance-between-markets-and-intervention-1.html" title="The balance between markets and intervention">The balance between markets and intervention</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30926/unit-49-410-review-sheet.html" title="Unit 4.9 - 4.10: Review sheet">Unit 4.9 - 4.10: Review sheet</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../21380/assessment.html" title="Assessment">Assessment</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Internal assessment ">Internal assessment </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20608/how-to-write-your-ia-student-handout.html" title="How to write your IA? (student handout)">How to write your IA? (student handout)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21428/how-to-interpret-the-assessment-criteria-1.html" title="How to interpret the assessment criteria?">How to interpret the assessment criteria?</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Grading practise ">Grading practise </a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Sample 3a">Sample 3a</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../32083/sample-3b-1.html" title="Sample 3b">Sample 3b</a></li></ul></ul></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32022/assessment-markbands-1.html" title="Assessment markbands">Assessment markbands</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../4332/exam-style-questions.html" title="Exam style questions">Exam style questions</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 style examination questions">Paper 1 style examination questions</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../40100/unit-211-212-questions.html" title="Unit 2.11-2.12 questions">Unit 2.11-2.12 questions</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45102/paper-1-guidance-on-essay-writing-1.html" title="Paper 1 guidance on essay writing">Paper 1 guidance on essay writing</a></li></ul></ul></nav> </div> </div> </div> </div><div style="margin-top: 20px;"><style type="text/css">
.studyib-link {
display: inline-block;
overflow: hidden;
font-size: 1.2em;
font-weight: normal;
margin: 10px;
transition: transform .2s; /* Animation */
}
#left-column .studyib-link {
font-size: 1em;
font-weight: normal;
margin: 5px;
transition: transform .2s; /* Animation */
}
#left-column .studyib-advert h2 {
font-size: 1.35em;
}
.studyib-link:hover {
transform: scale(1.2);
}
.studyib-link > img {
width: 2em; height: 2em;
margin: 0;
float: left;
}
.embed-responsive {
position: relative;
display: block;
height: 0;
padding: 0;
margin: 15px 0;
}
.embed-responsive-16by9 {
padding-bottom: 56.25%;
}
.embed-responsive iframe {
position: absolute;
top: 0;
left: 0;
bottom: 0;
height: 100%;
width: 100%;
border: 0;
}
.studyib-advert {
padding: 20px;
background: #E7EDF5;
border: solid 1px #EFF;
/* margin-left: 70px; */
}
.studyib-advert .heading {
display: flex;
flex-direction: row;
align-items: center;
}
.studyib-advert .heading img {
margin-right: 15px;
}
.studyib-advert .heading span {
color: #444
}
.studyib-advert h2,
.studyib-advert h3 {
margin: 0;
}
.studyib-advert .body {
margin-top: 20px;
}
</style>
<div class="studyib-advert">
<div class="heading">
<img src="../../../thinkib/header-thinker-sib.svg" height="50" width="50" class="pull-left" alt="InThinking Revision Sites">
<div>
<h2>INTHINKING REVISION SITES</h2>
<span><em>Own your learning</em></span>
</div>
</div>
<div class="body">
<p>Why not also try our independent learning self-study & revision websites for students?</p>
<p>We currenly offer the following DP Sites: Biology, Chemistry, English A Lang & Lit, Maths A&A, Maths A&I, Physics, Spanish B</p>
<p>
<em>"The site is great for revising the basic understandings of each topic quickly.
Especially since you are able to test yourself at the end of each page and easily see where yo need to improve."</em>
</p>
<p><em>"It is life saving... I am passing IB because of this site!"</em></p>
<p>Basic (limited access) subscriptions are FREE. Check them out at:</p>
<div class="text-center">
<h3>
<a href="//studyib.net">www.StudyIB.net</a>
</h3>
</div>
</div>
</div>
</div></div><!-- /#left-column-->
<div id="main-column" class="span9"> <article id="ped-elasticity-and-sales-revenue" style="margin-top: 16px;">
<h1 class="section-title">PED elasticity and sales revenue?</h1>
<ul class="breadcrumb"><li><a title="Home" href="../../../economics.html"><i class="fa fa-home"></i></a><span class="divider">/</span></li><li><span class="gray">Units 1-2: Microeconomics</span><span class="divider">/</span></li><li><a title="Go to: Unit 2.5-2.6: Elasticity" href="../20195/unit-25-26-elasticity-1.html">Unit 2.5-2.6: Elasticity</a><span class="divider">/</span></li><li><a title="Go to: Unit 2.5: Price elasticity of demand" href="../28713/unit-25-price-elasticity-of-demand-1.html">Unit 2.5: Price elasticity of demand</a><span class="divider">/</span></li><li><span class="active">PED elasticity and sales revenue?</span></li></ul>
<div class="row-fluid">
<section class="span12" id="main-content">
<h2><span style="color:#FF0000;"></span><img alt="" height="130" src="../../../ib/economics/images/micro-economics-2/ped-is-a-great-tool-to-have-in-your-toolbox-writes-charles-cox-is-managing-director-riverwood-solutions-china.jpg" style="float: right;" title="image: http://www.globaltrademag.com/" width="358">Introduction</h2><p>This lesson relates the concept of PED, learnt in the previous lesson, to a firm's sales revenue? A good way to introduce this concept is to refer back to the rubber band activity. When a firm raises price, i.e. applies upward pressure to the elastic band the firm wishes to see only a small change in quantity demanded. This can be demonstrated by a small stretch in the elastic. Similarly, when the firm applies downward pressure, through lower prices, the business hopes to see a much larger reaction. </p><div class="greenBg"><h3>Enquiry question</h3><p>What is the role of PED for firms in making decisions regarding price changes and their effect on total revenue?</p></div><div class="blueBg"><p><strong>Lesson time: 1 hour</strong></p><p><strong>Lesson objectives:</strong></p><p>Examine the role of PED for firms in making decisions regarding price changes and their effect on total revenue</p><p><strong>Teacher notes:</strong></p><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><strong>1.</strong> <strong>Beginning activity </strong>- for the beginning activity show the first video which is 5 and half minutes long and then have your classes complete activities 1-3. In total the beginning activities should take around 20 minutes to complete. </span></p><p><span style="color:#FF0000;"><strong>2.</strong> <strong>Processes</strong> -<strong> technical Vocabulary </strong>- your classes can learn the required vocabulary from the short summary, contained on the handout, which summarises the key elements of the enquiry question. Allow 5 minutes for this activity, so that your classes can highlight / underline the key terms and ask questions.</span></p><p><span style="color:#FF0000;"><strong>3 Practise activities 4 and 5 </strong>- attached to the class handout are two practise activities, which should take your classes another 15 minutes to complete. Activity 5 is a paper three type, so you may decide to provide it to your HL students only.</span></p><p><span style="color:#FF0000;"><strong>4. Final reflection activity </strong>- <span style="color:#FF0000;">allow 10 minutes for the reinforcement activity, which consists of a paper one style exam question on this topic. This can also be given as a homework exercise, with or without the essay template attached. </span></span></p><p><span style="color:#FF0000;"><strong>5. Homework activity</strong> - allow 10 minutes for the activity, if set as homework. I generally advise my classes to use the essay template attached, when completing the homework.</span></p></section></div><div class="greenBg"><h4><img alt="" src="../../../ib/economics/images/micro-economics-2/absolut-paris.jpg" style="width: 250px; height: 333px; float: right;"><em>Key points:</em></h4><p><strong>For PED elastic goods</strong>: The sales revenue for a firm will rise when the business producing the product reduces the price of the good or service. This is because the additional revenue gained from increased sales will be greater than the loss of revenue through lower prices. Equally when the firm raises the price of the product, revenue will fall because the additional revenue gained through higher prices will be lower than than the fall in quantity demanded at the new price level.</p><p><strong>For PED inelastic goods</strong>: The sales revenue for a firm will rise when the business raises the price of the good or service. This is because the additional revenue gained from higher prices will be more than than the loss of revenue through lower sales. Equally when the firm reduces the price of the product revenue will fall, because the additional revenue gained through higher quantity demanded will be lower than the fall in revenue through lower prices.</p><p><strong>For PED unitary goods</strong>: The sales revenue for a firm will be unaffected by a change in the price of the good or service because the additional revenue gained from the change in price will be proportional to the loss of revenue through changing sales. </p></div><div class="blueBg"><h4><span style="color:#000080;"></span><strong><img alt="" src="../../../ib/economics/images/micro-economics/ped-inelastic-good-before-tax.jpg" style="width: 320px; height: 320px; float: right;">Activity 1</strong></h4><p>The following diagram illustrates the level of demand for a PED inelastic good. Illustrate the impact of a rise in price, resulting from a fall in supply (left shift in the supply curve).</p><p>(a) Indicate the new equilibrium for the product and shade in the revenue gained from the price rise as well as revenue lost.</p><section class="tib-hiddenbox"><p><img alt="" src="../../../ib/economics/images/micro-economics/revenue-lost.jpg" style="width: 300px; height: 300px; float: left;"></p></section><p>(b) Does the sales revenue for this firm fall or rise following the price rise and why?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">The company raises price from P1 to P2, which leads to a proportionately smaller fall in quantity demanded from Q1 to Q2. This means that the firm will see a rise in its sales revenue.</span></p></section><p>(c) What would be the impact on sales revenue if the same company reduced its price and why?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">If the selling price falls from P2 to P1, then sales revenue will decrease because the rise in quantity demanded (Q2 - Q1) will be smaller than the fall in price.</span></p></section></div><div class="pinkBg"><h4><strong><img alt="" src="../../../ib/economics/images/micro-economics/ped-elastic-before-tax.jpg" style="width: 320px; height: 320px; float: left;">Activity 2</strong></h4><p>The following diagram illustrates the level of demand for a PED elastic good. Illustrate the impact of a rise in price, resulting from a fall in supply (left shift in the supply curve).</p><p>(a) Indicate the new equilibrium for the product and shade in the revenue gained from the price rise as well as revenue lost.</p><section class="tib-hiddenbox"><p><img alt="" src="../../../ib/economics/images/micro-economics/ped-elastic-revenue-lost.jpg" style="width: 320px; height: 320px;"></p></section><p>(b) Does the sales revenue for this firm fall or rise following the price rise and why?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">The company raises price from P1 to P2, which leads to a proportionately larger fall in quantity demanded from Q1 to Q2. This means that the firm will see a fall in its sales revenue.</span></p></section><p>(c) What would be the impact on sales revenue if the same company reduced its price and why?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">If the selling price falls from P2 to P1, then sales revenue will increase because the rise in quantity demanded <span style="color:#FF0000;">(Q2 - Q1) </span>will be larger than the fall in price.</span></p></section></div><div class="pinkBg"><h4> <img alt="" src="../../../ib/economics/images/micro-economics/demand-and-supply.jpg" style="width: 320px; height: 320px; float: right;"><strong>Activity 3</strong></h4><p>The following diagram illustrates the level of demand for a PED unitary good. Illustrate the impact of a rise in price, resulting from a fall in supply (left shift in the supply curve).</p><p>(a) Indicate the new equilibrium for the product and shade in the revenue gained from the price rise as well as revenue lost.</p><section class="tib-hiddenbox"><p><img alt="" height="310" src="../../../ib/economics/images/micro-economics/ped-unitary-price-rise.jpg" style="float: left;" width="310"></p></section><p>(b) Does the sales revenue for this firm fall or rise following the price rise and why?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;"> The firm makes the decision to raise price from P1 to P2, in the hope of increasing their sales revenue through higher sales. The resulting quantity demanded falls from Q1 to Q2. In this example the price change is unsuccessful as the loss of revenue from the lower price is matched exactly by the gain in revenue from increased sales as the product is a unitary elastic good. </span></p></section><p>(c) What would be the impact on sales revenue if the same company reduced its price and why?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="color:#FF0000;">The same would also be the case had the firm tried to reduce price.</span></span></p></section></div><div class="pinkBg"><h5>Activity 4</h5><p>Start by watching the following short video on PED and sales revenue and use the information contained in the video to answer the questions that follow.</p><p style="text-align: center;"><iframe allowfullscreen="" frameborder="0" height="360" src="//www.youtube.com/embed/HHcblIxiAAk" width="640"></iframe></p><p>(a) Draw a PED elastic curve. Show the impact on revenue of a rise in price for the good or service? <i><span style="font-size:12.0pt;line-height:115%;
font-family:"Times New Roman",serif;mso-fareast-font-family:"Times New Roman";
mso-ansi-language:TR;mso-fareast-language:TR;mso-bidi-language:AR-SA">[2 marks]</span></i></p><p>(b) Draw a PED inelastic diagram and again show the impact on revenue of a rise in price for the good or service? <i><span style="font-size:12.0pt;line-height:115%;
font-family:"Times New Roman",serif;mso-fareast-font-family:"Times New Roman";
mso-ansi-language:TR;mso-fareast-language:TR;mso-bidi-language:AR-SA">[2 marks]</span></i></p><p>(c) How does the above impact on business pricing decisions? <i><span style="font-size:12.0pt;line-height:115%;
font-family:"Times New Roman",serif;mso-fareast-font-family:"Times New Roman";
mso-ansi-language:TR;mso-fareast-language:TR;mso-bidi-language:AR-SA">[4 marks]</span></i></p><section class="tib-hiddenbox"><p><img alt="" src="../../../ib/economics/images/micro-economics/hqdefault.jpg" style="width: 300px; height: 225px; float: right;" title="image: http://www.gtranslator.xyz/"><span style="color:#FF0000;">PED elasticity impacts on business decisions because firms will first need to consider the impact on sales revenue of any change in the selling price. Firms producing a PED elastic good or service will be very reluctant to raise prices for fear of losing revenue. Circumstances such as a significant rise in production costs may force their hand however. In such an instance they may first check on whether their competitors are likely to follow any price rise or not? They may look to reduce their prices and gain revenue but of course will be reluctant to do so if their competitors also reduce their prices, effectively nullifying any competitive advantage gained by reducing their price levels.</span></p><p><span style="color:#FF0000;">By contrast a firm producing a price inelastic product will be keen to raise prices and improve their sales revenue. However, before taking such a course of action they will need to ensure that other competing firms do not use this price rise to increase their market share. Firms producing price inelastic goods and services will not reduce prices as this will lead to a fall in revenue.</span></p></section></div><div class="pinkBg"><h5><strong>Activity 5 </strong></h5><p>The following table represents a supply and demand function for two goods. Both products have the supply function of QS=100P, but different demand functions. </p><table><tbody><tr><td style="text-align: center;"><strong>Price ($)</strong></td><td style="text-align: center;"><strong>Quantity supplied</strong></td><td style="text-align: center;"><strong>Quantity demanded for good A</strong></td><td style="text-align: center;"><strong>Quantity demanded for good B</strong></td></tr><tr><td style="text-align: center;">1</td><td style="text-align: center;">100</td><td style="text-align: center;">700</td><td style="text-align: center;">400</td></tr><tr><td style="text-align: center;">2</td><td style="text-align: center;">200</td><td style="text-align: center;">500</td><td style="text-align: center;">350</td></tr><tr><td style="text-align: center;">3</td><td style="text-align: center;">300</td><td style="text-align: center;">300</td><td style="text-align: center;">300</td></tr><tr><td style="text-align: center;">4</td><td style="text-align: center;">400</td><td style="text-align: center;">100</td><td style="text-align: center;">250</td></tr><tr><td style="text-align: center;">5</td><td style="text-align: center;">500</td><td style="text-align: center;">50</td><td style="text-align: center;">200</td></tr></tbody></table><p>(a) illustrate the information contained in the table onto the graph paper included, using suitable axis. <i><span style="font-size:12.0pt;line-height:115%;
font-family:"Times New Roman",serif;mso-fareast-font-family:"Times New Roman";
mso-ansi-language:TR;mso-fareast-language:TR;mso-bidi-language:AR-SA">[2 marks]</span></i></p><p><img alt="" height="274" src="../../../ib/economics/images/general/graph-paper.jpg" width="304"> <img alt="" height="271" src="../../../ib/economics/images/general/graph-paper.jpg" width="301"></p><hr class="hidden"><p>(b) A fall in oil prices reduces the production costs of both products, leading to a new equilibrium price of $2. Illustrate this on both diagrams, shading in the area that represents the revenue gain for both products. <i><span style="font-size:12.0pt;line-height:115%;
font-family:"Times New Roman",serif;mso-fareast-font-family:"Times New Roman";
mso-ansi-language:TR;mso-fareast-language:TR;mso-bidi-language:AR-SA">[2 marks]</span></i></p>(c) Calculate the PED for both products at the equilibrium price level, following the fall. <i><span style="font-size:12.0pt;line-height:115%;
font-family:"Times New Roman",serif;mso-fareast-font-family:"Times New Roman";
mso-ansi-language:TR;mso-fareast-language:TR;mso-bidi-language:AR-SA">[4 marks]</span></i><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Good A - 67/33 = 2.03</span></p><p><span style="color:#FF0000;">Good B - 17/33 = 0.52</span></p></section><p>(d) Which of the two businesses is likely to benefit the most from the fall in production costs and why? <i><span style="font-size:12.0pt;line-height:115%;
font-family:"Times New Roman",serif;mso-fareast-font-family:"Times New Roman";
mso-ansi-language:TR;mso-fareast-language:TR;mso-bidi-language:AR-SA">[2 marks]</span></i></p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Good A due to its higher price elasticity and hence greater increase in quantity demanded, following the fall in selling price.</span></p></section></div><p>Class activities are available as a class handout at: <a href="../../../media/ib/economics/files/micro-economics/ped-affect-on-sales-revenue.pdf.html" target="_blank" title="Student handouts"><img class="ico" src="../../../thinkib/icons/student-handout.png"> PED and sales revenue</a> </p><div class="greenBg"><h4><strong>6. Reflection activity - link to the assessment </strong></h4><p>The relationship between PED elasticity and sales revenue will typically be found on paper one. An example of a relevant paper one question includes:</p><p>a. Explain how firms can use the concept of price elasticity of demand to increase sales revenue. <em>[10 marks]</em></p><section class="tib-hiddenbox"><p><strong><span style="color:#FF0000;"><img alt="" src="../../../ib/economics/images/general-2/20161003_102208.jpg" style="width: 320px; height: 180px; float: right;">Command term: Explain</span></strong><span style="color:#FF0000;"></span></p><p><em><span style="color:#FF0000;">Explain means to provide reasons and causes - or in other words, explain how producers can use PED theory to increase their sales revenue.</span></em></p><p><span style="color:#FF0000;">Defining the key terms PED elasticity and even more importantly sales revenue is key to answering this question. By defining sales revenue as selling price x quantity sold, a response can be set up by an explanation that following a rise in price businesses will gain sales revenue if the fall in quantity demanded < than the initial rise in price (PED inelastic good). </span></p><p><span style="color:#FF0000;">Similarly a business will also gain revenue if following a fall in price the resulting increase in quantity demanded is proportionally greater than the initial reduction in price. (PED elastic good).</span></p><p><span style="color:#FF0000;">This should be illustrated by appropriate diagrams.</span></p></section><p>b. Using real world examples discuss the importance of price elasticity of demand for governments when intervening in different markets. <em>[15 marks]</em></p><section class="tib-hiddenbox"><div><p><span style="color:#FF0000;"><strong>Command term: Discuss</strong></span></p><p><span style="color:#FF0000;"><span style="color:#FF0000;"><span style="color:#FF0000;"><img alt="" src="../../../ib/economics/images/general-2/20161003_102220.jpg" style="width: 320px; height: 180px; float: left;"></span></span>Discuss means to offer a considered and balanced review of the various arguments, factors or hypotheses. </span> <span style="color:#FF0000;">Governments may intervene in different markets but perhaps the most appropriate for this question is the policy of indirect taxes and subsidies. Before placing either a sales tax or subsidy on a product they must consider the PED of the good or service. When governments place a sales tax on demerit goods such as cigarettes, fuel or alcoholic drinks, in an attempt to reduce consumption rates, the impact of the tax is relatively small due to those product's PED inelasticity.</span></p><p><span style="color:#FF0000;">Similarly when placing a subsidy on a PED elastic good such as public transport the impact on overall passenger numbers is considerable.</span></p><p><strong>Relevant real life</strong> examples might include examples of where governments have placed taxes on demerit goods which low levels of elasticity e.g. cigarettes, alcohol and car fuel. In each example the low PED for those products means that the level of tax revenue collected is considerable while the tax has a relatively small impact on quantity demanded.</p></div></section></div><div class="blueBg"><h5>Advice on answering questions on demand elasticity</h5><p>It is important to use specific language when answering an examination style on any type of elasticity. Candidates are advised to be specific in their definitions. For example when describing a good or service as PED inelastic an appropriate definition might be a product where a change in its price causes a <u>lower than proportional change in quantity demanded.</u> A definition which describes the product as a good or service where a change in price causes only a small change in quantity demand would not be. Using figures can also help to illustrate an example.</p></div><div class="pinkBg"><div><h4><strong>6. Homework / classroom question (HL)</strong></h4><p>(a) Explain why the price elasticity of demand for primary products tends to be lower than the PED for manufactured goods? <em>[10 marks]</em></p><section class="tib-hiddenbox"><p><strong>Guidance in answering the homework question</strong></p><p><strong><img alt="" height="282" src="../../../ib/economics/images/micro-economics/elastic-ped-curve-showing-change-in-price.jpg" style="float:left;" width="282"></strong>In answering this question responses should begin with a definition of price elasticity of demand, primary products and manufactured products. PED can be described as the change in quantity demanded for a product in response to a change in price levels. Primary products can be described as any product which is derived from the earth and is not normally consumed directly, instead being used as the basis for a manufactured product, which is a finished good or service, sold or consumed. Examples of primary goods include agricultural products and commodities.</p><p>Candidates should then begin their explanation of why the price elasticity of demand for primary commodities is normally lower than the PED for manufactured products. </p><p>This can be explained in terms of whether or not the good or service is a basic necessity or a luxury product, plus the availability of substitutes. Given the type of products produced it is more likely that primary commodities will have fewer substitutes and many may also qualify as basic necessities. Similarly many <img alt="" src="../../../ib/economics/images/micro-economics/inelastic-demand-curve.jpg" style="width:300px;height:300px;float:right;">manufactured goods are luxury products, while in many fields such as automobiles and technology there are a range of similar products, each competing for the consumers attentions.</p><p>Responses would also be expected to illustrate their responses with diagrams to show examples of products which are PED inelastic (above and to the left) as well as goods which are PED elastic (below and to the right). Candidates should also provide examples of primary goods and manufactured products which are PED elastic / inelastic.</p><p>Responses should also provide examples of exceptions to the normal rule e.g. diamonds and precious jewels, which are PED elastic as well as cheap every day use manufactured goods which are PED inelastic.</p><p>Responses may also note that many farmers around the world are small in size and hence have little market power to change price.</p><p>An appropriate conclusion could state that while many primary products are PED inelastic in the short run only, in the long run the PED of many primary products will increase.</p><p><strong>Responses for section (a) should be graded according to the following mark bands:</strong></p><p><em>Maximum mark for this section 10.</em></p><table><tbody><tr><td><strong>Level</strong></td><td><strong>Descriptor</strong></td><td><strong>Mark</strong></td></tr><tr><td>0</td><td>The response is below the minimum standards described below.</td><td>0</td></tr><tr><td>1</td><td><p>The term PED elasticity is not defined or defined incorrectly.</p><p>The response demonstrates a limited understanding of the demands of the question.</p><p>Little relevant economic theory is included in the response.</p><p>The response contains significant errors.</p></td><td>1-3</td></tr><tr><td>2</td><td><p>PED elasticity is defined but a basic definition only is provided.</p><p>Some relevant economic theory is included in the response but any application is likely to be superficial.</p><p>A diagram maybe included but contains some errors or omissions.</p><p>There are some errors but these are relatively minor.</p></td><td>4-6</td></tr><tr><td>3</td><td><p>PED elasticity is defined correctly.</p><p>Relevant economic theory is included and applied.</p><p>Relevant diagrams are included, illustrating goods with different elasticities.</p><p>Appropriate examples are used which helps support the rest of the response. These are applied to the demands of the question.</p><p>There are minimal errors included in the response.</p></td><td><p>7-8</p></td></tr><tr><td>4</td><td><p>PED elasticity is defined correctly.</p><p>Appropriate diagrams are included and the supporting explanations are full and clearly answer the question.</p><p>Relevant economic theory is included and applied.</p><p>Appropriate examples are used which support the rest of the response. These are skilfully applied to the demands of the question.</p><p>Any errors are minor and do not detract from the overall quality of the response.</p></td></tr></tbody></table></section><section><p>(b) Using real world examples, discuss how a change in production costs impacts on the revenue of firms producing goods with different levels of price elasticity. <em>[15 marks]</em></p></section><section><section class="tib-hiddenbox"><p><strong><em>Command term:</em></strong> Discuss requires candidates to offer a considered and balanced review, including a range of arguments.</p><p><strong><em>Responses should include the following:</em></strong></p><p><img alt="" height="306" src="../../../ib/economics/images/micro-economics/loss-of-revenue.jpg" style="float:left;" width="306">A definition of price elasticity of demand. Candidates that defined PED in the first part of the response do not need to redefine this term, but must make reference to it in order to earn credit for the definition.</p><p>The response should contain relevant diagrams to illustrate goods with high / low PED elasticity. For example, the first diagram represents a good with low PED elasticity and the second (below) a product with low PED elasticity.</p><p>In diagram 1, there is a rise in production costs, a result of a rise in one or more of the costs of production e.g. a rise in energy or <span data-scayt-word="labour" data-wsc-lang="en_US">labour</span> costs, or a rise in interest rates making loan repayments more expensive. In response the firm passes those additional costs on to the consumer, illustrated by a rise in price from P1 to P2. This in turn leads to a fall in quantity demanded falls from Q1 to Q2. The firm ends up benefiting from the price rise, because the additional revenue gained from selling each unit more than compensates for the relatively small fall in quantity <img alt="" height="308" src="../../../ib/economics/images/micro-economics/ped-elastic-revenue-lost.jpg" style="float:right;" width="308">demanded. The revenue gain is illustrated on diagram 1 by the orange shaded area, while the relatively small revenue loss is represented by the green rectangle. </p><p>By contrast, diagram 2 illustrates a good or service with high PED elasticity. Conscious of the low brand loyalty for this product, the seller is reluctant to increase their prices, but when forced, does so by a relatively small amount from P1 to P2. This leads to a greater than proportional fall in quantity demanded and a loss of revenue, illustrated on the diagram by the green shaded area. The gain in revenue is relatively small and is represented by the orange rectangle.</p><p>Lastly, a good or service with unitary PED elasticity, illustrated on the third diagram, will see no change in total revenue, following a rise in price, as the fall in quantity demanded will mirror exactly the rise in revenue per unit sold, making the firm indifferent to changes in price.</p><p><img alt="" src="../../../ib/economics/images/micro-economics/ped-unitary-price-rise.jpg" style="width:300px;height:300px;float:left;">Responses should then discuss how this impacts on a firm's decision making process. For example a firm producing PES elastic products would be very particularly reluctant to pass on the additional costs to the consumer, in the form of higher prices. Instead the firm may choose to absorb the additional costs themselves or attempt to reduce other areas of the production costs, in order to avoid increasing prices. </p><p>By contrast, firms producing PED inelastic goods would feel more confident about passing on the additional costs to the consumer and may even raise prices further than necessary. An example of this might include the tobacco companies who continue to enjoy large profits despite significant rises in price as a result of indirect taxes placed on their production. </p><p>Responses should then illustrate the impact of a fall in production costs on businesses producing goods and services with different levels of price elasticity. For example a firm producing a PED elastic good, with a number of close substitutes, might be encouraged to engage in a price war. This is illustrated in the final diagram, where a firm producing a PED elastic product has benefited from lowering prices, potentially at the expense of its competitors.</p><p>Firms producing PED inelastic goods and services will not benefit from a price war, but might instead look to collude with other competing firms e.g. the oil companies.</p><p>Responses may conclude with a comparison of stakeholders, e.g. customers are more likely to benefit from PED products, while the producer will benefit most from the production of PED inelastic products, as well as a consideration of short run v long run elasticities.</p><p><strong>Responses for section (b) should be graded according to the following mark bands:</strong></p><p><em>Maximum mark for this section 15.</em></p><table><tbody><tr><td><strong>Level</strong></td><td><strong>Descriptor</strong></td><td><strong>Mark</strong></td></tr><tr><td>0</td><td>The response does not meet the standards as described below.</td><td style="text-align: center;">0</td></tr><tr><td>1</td><td><p>The term PED is not defined or is defined incorrectly.</p><p>The response demonstrates only a basic understanding of the significance of the importance of PED to governments when making decisions.</p><p>Little economic theory is included in the response. </p><p>The response contains significant errors.</p></td><td>1-4</td></tr><tr><td>2</td><td><p>A basic definition of PED is provided.</p><p>The response demonstrates some understanding of the importance of PED to governments when making decisions. Any examples used are likely to be applied superficially.</p><p>Little relevant economic theory is included in the response. </p><p>A diagram may be included but it is likely to contain some errors or omissions.</p><p>The response contains some links to the real-world issue.</p><p>There are some errors in the response but these are relatively minor.</p></td><td>5-8</td></tr><tr><td>3</td><td><p>A full definition of PED is provided.</p><p>The response demonstrates a good understanding of the importance of PED to governments when making decisions. Examples are included and applied to the question. </p><p>Relevant economic theory is included in the response though some of the examples and/or applications may be vague. The candidate includes balance in the response.</p><p>At least one diagram is included which illustrates a PED elastic good.</p><p>The response makes appropriate links to the real-world issue.</p><p>There are minimal errors included in the response.</p></td><td>9-12</td></tr><tr><td>4</td><td><p>A full definition of PED is provided.</p><p>The response demonstrates a clear understanding of the significant importance of PED to governments when making decisions.</p><p>Examples are included and skilfully applied to the question. </p><p>Relevant economic theory is included in the response and specific examples are provided and the response is both balanced and detailed.</p><p>An appropriate diagram showing a PED elastic good.</p><p>The response makes clear links to the real-world issue and applies them skilfully.</p><p>Any errors are minor and do not detract from the quality of the work.</p></td><td style="text-align: center;">13-15</td></tr></tbody></table></section></section></div></div><p>The above question is available as a PDF file at: <a href="../../../media/ib/economics/files/other-markschemes/elasticity-question.pdf.html" target="_blank" title="Questions"><img src="../../../thinkib/icons/question.png"> Elasticity question</a>, and the mark scheme at: <a href="../../../media/ib/economics/files/other-markschemes/elasticity-markscheme.pdf.html" target="_blank" title="Questions"><img src="../../../thinkib/icons/question.png"> Elasticity mark scheme</a></p><p>Essay template for a paper one style essay question: <a href="../../../ib/economics/files/exams/section-a-essay-template.docx" target="_blank" title="Questions"><img class="ico" src="../../../thinkib/icons/question.png"> Section A template</a></p><p><a href="../../../ib/economics/files/exams/section-b-essay-template.docx" target="_blank" title="Questions"><img class="ico" src="../../../thinkib/icons/question.png"> Section B template</a></p><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script>
</section>
</div>
</article>
</div><!-- /#main-column -->
</div>
</div><!-- /#content -->
</div>
</div>
<div id="footer" class="student-access">
<div class="wmap">
<div class="layout-wrapper">
<p>
© <script>document.write(new Date().getFullYear())</script> <em>InThinking</em>
|
<a target="_self" href="https://thinkib.net/subscribe/about-us">
About us
</a>
|
<a target="_self" href="https://thinkib.net/subscribe/legal">
Legal
</a>
|
<a target="_self" href="https://thinkib.net/subscribe/contact">
Contact
</a>
</p>
<p>
<a class="social" target="_blank" href="https://twitter.com/#!/inthinker">
<img src="../../../social/twitter-square.svg"> Twitter
</a>
<a class="social" target="_blank" href="https://www.facebook.com/inthinking.net">
<img src="../../../social/facebook-square.svg"> Facebook
</a>
<a class="social" target="_blank" href="https://www.linkedin.com/company/9s4we1">
<img src="../../../social/linkedin-square.svg"> LinkedIn
</a>
</p>
</div>
</div>
</div>
<input id="tzoffset" type="hidden" value="-7200"><div id="modal-session-expired" class="modal fade" tabindex="-1" role="dialog" data-backdrop="static" data-keyboard="false">
<div class="modal-dialog" role="document">
<div class="modal-content">
<div class="modal-header">
<h3 style="margin-top: 0">Your session has expired</h3>
</div>
<div class="modal-body" style="padding: 10px;">
<p>You will have to reload and log in again.</p>
</div>
<div class="modal-footer">
<a id="session-expired" class="btn btn-danger pull-right" href="#">
<i class="fa fa-refresh"></i> Reload
</a>
</div>
</div>
</div>
</div>
<!-- Loading scripts at the end of the body means faster page loading -->
<script src="../../../js/jquery-1.10.2.min.js"></script>
<script src="../../../js/bootstrap.min.js"></script>
<script type="text/javascript" src="../../../js/jq-fancybox/jquery.fancybox.pack.js"></script>
<script src="../../../js/sidemenu/sidemenu.min.js?v=202011301145"></script><script src="../../../js/std-access/std-assignments-utils.min.js?v=202305221900"></script><script src="../../../js/std-access/std-comments-utils.min.js?v=202305221900"></script><script src="../../../js/std/std-task-utils.min.js?v=202305221900"></script><script src="../../../js/jq-mark.js/jquery.mark.min.js"></script><!-- MathJax only to render Math ML -->
<!--<script src="https://cdnjs.cloudflare.com/ajax/libs/mathjax/2.7.0/MathJax.js?config=TeX-AMS-MML_HTMLorMML"></script>-->
<script src="../../../ajax/libs/mathjax/2.7.0/MathJax.js?config=MML_HTMLorMML"></script>
<style>
.math-tex {
font-size: 1.15em !important;
}
.math-tex span.ML__text {
/*font-family: inherit !important;*/
}
.ML__text + .ML__mathit {
margin-left: 0 !important;
}
.math-tex img, .math-tex + img, span img {
box-shadow: none;
margin: 0;
}
body {
--keycap-height: 39px;
--keycap-font-size: 16px;
--keycap-shift-font-size: 9px;
--keycap-small-font-size: 9px;
--keycap-extra-small-font-size: 9px;
--keyboard-toolbar-font-size: 16px;
--keycap-gap: 1px;
}
</style>
<script src="../../../mathlive%400.95.4/dist/mathlive.min.js" async="" defer=""></script>
<script src="../../../%40cortex-js/compute-engine%400.12.3/dist/compute-engine.min.js" async="" defer=""></script>
<script type="text/javascript" src="../../../js/cortexjs-utils.min.js?v=20230810"></script>
<script>
window.addEventListener('load',
() => MathLive.renderMathInDocument()
);
</script>
<script src="../../../js/header-circle.min.js?v=202305221900"></script><script type="text/javascript" src="../../../js/cookies.min.js"></script>
<script type="text/javascript">
// The cookies alert
if (! readCookie("displayCookieConsent") && ! readCookie("y") ) {
var cookieMSG = "We use cookies. By continuing to use this website you are giving consent to cookies being used.";
setTimeout(function() {
$.ajax({
cache: true,
url: "js/cookiechoices.js",
dataType: "script",
success: function () {
cookieChoices.showCookieConsentBar(cookieMSG, 'close', 'Read more', "economics/legal#cookies");
}
});
}, 2000);
}
</script><script>var sAJAX='/pages/activity/user-stats-page.php?t=fd6a5e8a06cfccf2&x=14108';var sData='0ebg+I>F/4F[IxZc+iZsoiQ1+jn2UjpCqiT2UM/Sn-]eIxZgqNk)qNSC2j>1+ic80tQCo|k)2iw6qI])2|TiqNuQqt/6/OnQ+|>9oNw1o[/z/On8LN>coOk[UxbOqNuc2|w6IicY/4FS]eg[2|TMojTe+iTaLmcgqt/z/OpCqir[UxbeqIn9LIb4qTZ1qx/z/4/Sn-]e/O8=';var loopSecs = 30;var lsKey = '8662631d6053c2c1d92b4c8413d484ce';</script><script src="../../../js/user/user-stats-page.min.js?v=202102101800"></script><script>var sessionUpdateSecs = 600;</script><script type="text/javascript" src="../../../js/session-updater.js?v=20200831"></script>
<script type="text/javascript">
$(document).ready(function(){
function padLeft(str,max){return str.length<max?padLeft("0"+str,max):str}function padRight(str,max){return str.length<max?padRight(str+"0",max):str}$("body").on("click",'a[href="#"], a.fancybox-nav, a[data-toggle="tab"], a[data-toggle="dropdown"], a[data-toggle="collapse"], a[data-toggle="modal"]',(function(e){e.preventDefault()}));var topmenuOffset=0,topmenuHeight=0;function fixDiv(t,h){$(window).scrollTop()<topmenuOffset||$("#topmenu ul.level-1").is(":visible")?($("#topmenu").css({position:"",width:""}),$("#topmenu").removeClass("fixed-top"),$("body").css({"padding-top":"0"})):($("#topmenu").css({position:"fixed",top:"0",width:$("#topmenu").width()+"px"}),$("#topmenu").addClass("fixed-top"),$("body").css({"padding-top":topmenuHeight+"px"}))}function fixSearchNav(){var searchMenuTop=topmenuOffset+topmenuHeight,searchMenuH=$("#nav-menu-search").is(":visible")?$("#nav-menu-search").outerHeight():0;if($(window).scrollTop()>searchMenuTop-topmenuHeight){var borderBottomWidth=parseInt($("#topmenu").css("borderBottomWidth"))+1;$("#nav-menu-search").css({position:"fixed",top:topmenuHeight+borderBottomWidth+"px",left:"0",right:"0"}),$("#nav-menu-search").addClass("fixed-top"),$("body").css("padding-top",topmenuHeight+searchMenuH+"px")}else $("#nav-menu-search").css({position:""}),$("#nav-menu-search").removeClass("fixed-top"),$("body").css("padding-top","0")}$("#topmenu").length&&(topmenuOffset=$("#topmenu").offset().top,topmenuHeight=$("#topmenu").outerHeight(),fixDiv(),$(window).scroll((function(){fixDiv(),fixSearchNav()}))),$("a.toggle-menu-search").on("click",(function(e){e.preventDefault(),$("#nav-menu-search").slideToggle("fast",(function(){$(this).find('input[name="s"]').focus()}))}));var menuH=$("#topmenu").height(),itemH=$("#topmenu > nav > ul > li").height();function fancyScrollTo(id){$("html, body").animate({scrollTop:$("#"+id).offset().top-300},300)}function printSectionBlog(){var w=$(window).width()/2,h,windowSettings="height="+($(window).height()-100)+", width="+w+", left=0, top=0, resizable=no, ";windowSettings+="scrollbars=yes, toolbar=no, menubar=no, location=no, ",windowSettings+="directories=no, status=yes";var myWindow=window.open("","Page printer",windowSettings),containerHtml=["<html>","<head>","<title>Page printer</title>",'<link rel="stylesheet" type="text/css" href="'+window.location.origin+'/css/style.min.css?v=20230303">','<link rel="stylesheet" type="text/css" href="'+window.location.origin+"/css/style"+SITE_TAG+'.min.css?v=202104061357">','<link rel="stylesheet" type="text/css" href="'+window.location.origin+'/css/snippets.min.css?v=202210181500">','<link rel="stylesheet" type="text/css" href="'+window.location.origin+'/css/article.min.css?v=202212191730">',"</head>","<body>",$("section#main-content").html().replace(/<span\sclass="MJX_Assistive_MathML".*?<\/span>/g,""),"</body>","</html>"].join("");containerHtml=containerHtml.replace(/src="files\//gi,'src="'+window.location.origin+"/files/"),myWindow.document.write(containerHtml),myWindow.document.close(),myWindow.focus(),setTimeout((function(){$.when(myWindow.print()).then(myWindow.close())}),1e3)}function PopupPrint(target){window.print()}$("#topmenu > nav > ul > li").each((function(){if(menuH>itemH&&$(this).position().top<1){var i=itemH+1;$(this).find("ul:first").css("margin-top","-"+i+"px")}})),$("#topmenu > nav > ul > li").on("mouseenter mouseleave",(function(e){var submenu=$("ul:first",this),submenuW=submenu.width();$(this).offset().left+submenuW>$(window).width()&&(submenu.css("right","0"),submenu.find("ul").each((function(){if(!$(this).hasClass("fixed")){var l=$(this).width()+submenuW;$(this).css("margin-left","-"+l+"px"),$(this).addClass("fixed")}})))})),$("a.showhider").click((function(e){e.preventDefault();var box="#"+$(this).attr("rel"),show='<i class="fa fa-eye"></i>',hide='<i class="fa fa-eye-slash"></i>';$(box).slideToggle("fast"),$(this).html($(this).html()==show?hide:show),$(this).attr("title","Show"==$(this).attr("title")?"Hide":"Show")})),$("a.scroll-to").click((function(e){e.preventDefault();var n=$("#"+$(this).data("target")).offset().top-70;$("html, body").animate({scrollTop:n},300)})),$("a.print-section-blog").click((function(e){e.preventDefault(),printSectionBlog()})),$(".print-button").click((function(e){var target;e.preventDefault(),PopupPrint("#"+$(this).data("target-id"))})),$(".alert.alert-success").delay(6e3).hide("fast",fixDiv());var fancyParent=1==$("body").find($("#main-article")).length?"#main-article":"body",fancyOptions={loop:!1,openEffect:"elastic",closeEffect:"elastic",nextEffect:"fade",prevEffect:"fade",parent:fancyParent,helpers:{title:{type:"inside"}}};if($("ul.gallery").each((function(){var rel=$(this).find("li:first-child > a:first-child").attr("rel");$('ul.gallery a.fancy[rel="'+rel+'"]').fancybox(fancyOptions)})),$(".carousel.slide").each((function(){var rel="gallery-"+$(this).data("id");$('.carousel.slide a.fancy[rel="'+rel+'"]').fancybox(fancyOptions)})),$("img.pop").parent("a").each((function(){$(this).attr("title",$(this).children("img").attr("alt"))})),$("img.pop").parent("a").fancybox({loop:!1,helpers:{title:{type:"inside"}}}),!are_cookies_enabled()){var msg='<div class="alert alert-error"><i class="fa fa-warning"></i> Your browser does not accept cookies from this site. Please enable cookies to log in.</div><div class="alert alert-info"><i class="fa fa-question-circle"></i> Enabling cookies in <a target="_blank" style="margin: 0; padding: 0;" href="https://support.mozilla.org/en-US/kb/enable-and-disable-cookies-website-preferences">Firefox</a>, <a target="_blank" style="margin: 0; padding: 0;" href="https://support.google.com/accounts/answer/61416?hl=en">Chrome</a>, <a target="_blank" style="margin: 0; padding: 0;" href="http://windows.microsoft.com/en-us/windows-vista/block-or-allow-cookies">Explorer</a></div>';$("#modal-login .modal-header").append(msg)}if($(".panel-expandable > .panel-heading").click((function(e){e.preventDefault();var panel=$(this).closest(".panel-expandable"),expandables=panel.hasClass("panel-has-footer")?".panel-body, .panel-footer":".panel-body";panel.find(".panel-body").is(":visible")?(panel.find(expandables).slideUp("fast"),panel.find(".expander > .fa-minus").removeClass("fa-minus").addClass("fa-plus")):(panel.find(expandables).slideDown("fast"),panel.find(".expander > .fa-plus").removeClass("fa-plus").addClass("fa-minus"))})),$("#modal-find-out-more").css({width:.8*$("#container").width()+"px","margin-left":-.4*$("#container").width()+"px"}),$(".modal-xxl").length){var modalTopPos=Math.round(.07*$(window).height());$(window).width()>1200&&$(".modal-xxl").css({"max-width":$(window).width()>960?"960px":$(window).width()+"px",width:$(window).width()>960?"960px":$(window).width()+"px","margin-left":$(window).width()>960?"-480px":Math.round($(window).width()/2)}),$(".modal-xxl").css("top",modalTopPos+"px"),$(".modal-xxl").on("shown",(function(){var mHeaderH=$(this).find(".modal-header").outerHeight(),mBody=$(this).find(".modal-body"),mBodyH=mBody.outerHeight(),mFooterH=$(this).find(".modal-footer").outerHeight(),bottomOfTheModal=modalTopPos+mHeaderH+mBodyH+mFooterH;if(bottomOfTheModal<$(window).height())mBodyH+=$(window).height()-bottomOfTheModal-60,mBody.css("max-height",mBodyH+"px");else{$(window).scrollTop(0),modalTopPos=10,$(".modal-xxl").css("top",modalTopPos+"px"),bottomOfTheModal=modalTopPos+mHeaderH+mBodyH+mFooterH,availableScroll=bottomOfTheModal-$(window).height()+modalTopPos;var lastPos=-1;$(window).on("scroll",(function(){var s=$(window).scrollTop()>availableScroll?availableScroll:$(window).scrollTop();newPos=modalTopPos-s,newPos!=lastPos&&($(".modal-xxl").css("top",newPos+"px"),lastPos=newPos)}))}}))}function popupHelp(url,title,w,h){var dualScreenLeft=void 0!==window.screenLeft?window.screenLeft:screen.left,dualScreenTop=void 0!==window.screenTop?window.screenTop:screen.top,width,height,left=(window.innerWidth?window.innerWidth:document.documentElement.clientWidth?document.documentElement.clientWidth:screen.width)/2-w/2+dualScreenLeft,top=(window.innerHeight?window.innerHeight:document.documentElement.clientHeight?document.documentElement.clientHeight:screen.height)/2-h/2+dualScreenTop,newWindow=window.open(url,title,"menubar=no,location=no,resizable=0, width="+w+", height="+h+", top="+top+", left="+left);return window.focus&&(newWindow?newWindow.focus():$('<div class="alert alert-warning" style="margin-bottom: 0px;"><p class="help-block">Pop Up blocked. Please allow Pop Ups in your browser settings.</p></div>').insertBefore("body")),newWindow}if($(".open-student-access-help").click((function(e){e.preventDefault();var h=$(window).height()-20,w=$(window).width()<1280?$(window).width():1280;popupHelp(helpURL,"Student Access Help",w,h)})),$(".pop-up-help").click((function(e){e.preventDefault();var url=$(this).attr("href"),title=$(this).data("title"),h=$(window).height()-20,w;popupHelp(url,title,$(window).width()<1280?$(window).width():1280,h)})),$("section.tib-hiddenbox").length){var count=0;$($("section.tib-hiddenbox").get().reverse()).each((function(){var box=$(this),revealButton;$("<a />").attr("class","btn showhider").attr("rel","hiddenBoxContent"+count).attr("style","margin-bottom: 0;").html('<i class="fa fa-eye"></i>').insertBefore(box);var newContainer=$("<div />").attr("class","hidden-content").attr("id","hiddenBoxContent"+count).html(box.html());newContainer.hide(),newContainer.insertBefore(box),box.remove(),count++})),$("a.showhider").on("click",(function(e){var container=$("#"+$(this).attr("rel"));container.is(":hidden")?(container.fadeIn("fast"),$(this).html('<i class="fa fa-eye-slash"></i>')):(container.fadeOut("fast"),$(this).html('<i class="fa fa-eye"></i>'))}))}
$('img.ico[src="https://assets.inthinking.net/thinkib/icons/comments.png"]').each(function(){var comment=$(this).attr("title");$(this).removeAttr("title");$(this).wrap('<a class="tib-popover" href="#" data-content="'+comment+'" data-togle="popover" data-placement="top" />')});$('img.ico[src="https://assets.inthinking.net/thinkib/icons/comments.png"]').each(function(){var comment=$(this).attr("title");$(this).removeAttr("title");$(this).wrap('<a class="tib-popover" href="#" data-content="'+comment+'" data-togle="popover" data-placement="top" />')});$(".tib-popover").popover({html:true,trigger:"hover",delay:{show:300,hide:300},placement:function(context,source){var position=$(source).position();if(position.top>200){return"top"}if(position.left<515){return"right"}if(position.top<200){return"bottom"}if(position.left>515){return"left"}return"top"}}).click(function(e){e.preventDefault()});var carouselTime=6500;$("div.carousel.slide").carousel({interval:carouselTime});$(".tib-indicators > img").click(function(){var index=$(this).index();var container=$(this).closest(".carousel.slide");container.carousel(index)});setShowResultsListeners($("#container"));addMarksThreads($("#modal-std-write"));
$('a.btn.showhider').click(function(e) {
var showHiderId = $( this ).attr('rel');
if( $('#'+showHiderId).find('iframe').length > 0 ) {
$('#'+showHiderId+' iframe').each(function() {
if ( $(this).attr('src').indexOf('.pdf') > 0 ) {
this.contentWindow.location.reload(true);
}
});
}
});
});
</script>
</body>
</html>