FYI: The midpoint method: A better way to calculate percentage changes and elasticities. Computing the price elasticity of demand. The price elasticity of demand and its determinants. Chapter 5 Elasticity and its application. In the news: Mother Nature shifts the supply curve. Conclusion: How prices allocate resources. Three steps for analysing changes in equilibrium. The supply curve: The relationship between price and quantity supplied. Case study: Two ways to reduce the quantity of smoking demanded. Case study: Are smartphones and tablets substitutes or complements?. The demand curve: The relationship between price and quantity demanded. Chapter 4 The market forces of supply and demand. Part 2 Supply and demand I: How markets work. In the news: Who has a comparative advantage in slaying ogres?. Should Australia trade with other countries?. FYI: The legacy of Adam Smith and David Ricardo. Opportunity cost and comparative advantage. Chapter 3 Interdependence and the gains from trade. Graphs of two variables: The coordinate system. Why economists' advice is not always followed. Our second model: The production possibilities frontier. Our first model: The circular-flow diagram. The scientific method: Observation, theory and more observation. Principle 10: Society faces a short-term trade-off between inflation and unemployment. Principle 9: Prices rise when the government prints too much money. Principle 7: Governments can sometimes improve market outcomes. Principle 6: Markets are usually a good way to organise economic activity. Principle 5: Trade can make everyone better off. Case study: Choosing when the stork comes. Principle 4: People respond to incentives. Principle 3: Rational people think at the margin. Principle 2: The cost of something is what you give up to get it.
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