Ch 6: Georgia Milestones: Economic Price & Income Elasticity

About This Chapter

Questions about economic price and income elasticity will appear on the Georgia Milestones Economics/ Business/ Free Enterprise EOC exam. Get ready to correctly answer them by studying this chapter.

Georgia Milestones: Economic Price & Income Elasticity - Chapter Summary

You can refresh what you know about economic price and income elasticity with this chapter. Prepare for the Georgia Milestones Economics/ Business/ Free Enterprise EOC exam by completing these lessons to review information about:

  • Price ceilings and floors
  • How supply is controlled
  • Price elasticity of supply and demand
  • Cross price elasticity and income elasticity
  • Price skimming

We designed these video lessons to be short and engaging, allowing you to easily review these economic topics. You can test your understanding by completing the self-assessment quizzes that accompany each lesson. If you have questions about a lesson, you can contact our expert instructors for assistance.

8 Lessons in Chapter 6: Georgia Milestones: Economic Price & Income Elasticity
Test your knowledge with a 30-question chapter practice test
Price Ceilings and Price Floors in Microeconomics

1. Price Ceilings and Price Floors in Microeconomics

Governments can restrict prices from going too low or too high through use of price ceilings. This lesson explains these concepts, as well as problems that can arise from their use.

Controlling Supply: Government Intervention & Market Forces

2. Controlling Supply: Government Intervention & Market Forces

Sometimes, despite the best efforts of the market, a heavy hand is needed to control supply. This lesson looks at how the government and the market can work to do just that.

Price Elasticity: Understanding Supply and Demand

3. Price Elasticity: Understanding Supply and Demand

Marketing managers need to understand the basics of supply and demand in order to develop the precise price for their product. Inelastic and elastic demand explains how sensitive consumers are to price and how much flexibility it allows the marketing team.

Price Elasticity of Demand in Microeconomics

4. Price Elasticity of Demand in Microeconomics

Discover the definition and formula for price elasticity of demand. See some real-world examples of how it is calculated, and find out what it means for demand of a good to be inelastic or elastic.

Cross Price Elasticity of Demand: Definition and Formula

5. Cross Price Elasticity of Demand: Definition and Formula

Learn what cross price elasticity of demand means. Find out why business owners and economists like to know cross price elasticity, and discover how to calculate it. See some everyday examples.

Income Elasticity of Demand in Microeconomics

6. Income Elasticity of Demand in Microeconomics

The income elasticity of demand is a useful tool that measures what happens to consumer demand for products and services when incomes change. We will work through the formula and interpret what the answers mean.

Price Elasticity of Supply in Microeconomics

7. Price Elasticity of Supply in Microeconomics

Price elasticity of supply is similar to elasticity of demand, but there are differences too. Let's explore them by looking at some real-life examples of elastic and inelastic supply.

Price Skimming: Definition, Examples & Strategy

8. Price Skimming: Definition, Examples & Strategy

If you pay close attention to prices at retail stores, you may have witnessed price skimming. In this lesson, you'll learn about price skimming, it's overall strategy, and see some examples of it. A short quiz follows.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Other Chapters

Other chapters within the Georgia Milestones - Economics/Business/Free Enterprise EOC: Test Prep & Practice course

Support