Elasticity......ahhhhhhh! (2 Viewers)

[=(]

URGENT HELP NEEDED.

wats the go with elasticiy n total outlays n stuff
i didnt even know it was in there.....ahhhhhhh


while im at it......

essay tips?
short answer tips?
multi tips?

btw they cant ask the same shit as last yr right?
and theyd also want to not use 1 trial too much right?

 

[me]

stay calm dude

elasticity basically demonstates responsiveness ie if something is price elastic it means that changes to the price will be accompanied by a significant change in quantity demanded whereas its the opposite for price inelastic goods. eg if chicken tonite sauce raised its price by heaps then demand would fall by heaps bcoz ppl can turn to other noodle sauce brands HOWEVER if say a formula that cured cancer raised its price, the demand will still be about the same bcoz its a rare product.... do u get it?

as for ur other questions, i'm the worst person to ask study advice from coz i'm distracted SO easily

good luck, relax and u'll be aight.

 

[Jin-17]

Best advice and the way I am studying for this test is heaps of past papers from different schools to gain the experience. This site has many papaers from different school which is an invaluable aid. As for your essay help, all that can be done is practice. Eassy is really testing out your knowlede and sadly to say you either have it or you dont.

 

[Minai]

they might as environmental issues again, either directly in the short answers or discreetly in the extended response (as part of a bigger picture)
the reason is that this particular question was apparenly "poorly answered" last year

 

[Simmo]

an easy way to remember:

Price for product goes up, and total revenue goes up, inelastic
Price for pruduct goes up, and total revenue goes down, elastic.

sometimes they have that in MC q's

 

[gman]

do we really have to know about elasticity? i mean its good to know it and all, but its not part of the yr 12 syllabus, and arent BOS supposed to test us only on the stuff in the yr 12 syllabus?

 

[zemaj]

Yeah they have enough stuff to ask in our syllubus, I don't think they'd go back to year 11 stuff.

-zem

 

[Lethargist]

Originally posted by Simmo
an easy way to remember:

Price for product goes up, and total revenue goes up, inelastic
Price for pruduct goes up, and total revenue goes down, elastic.

sometimes they have that in MC q's

I have a method of remembering this. My classmates burst into histerics when i told them about it, but it works for me.

Picture an elastic band which you are holding in your hands. Your left is price. Right is total outlay, or revenue. Because you are holding an ELASTIC band, your hands can move apart. If you are holding an INELASTIC objest, such as a pencil, your hands must move in the same direction.