economic

Week 2 Key Topics Covered (Better understanding factors behind demand and supply)

• How do consumers through their shopping choices affect the market and prices?

• In turn, how are consumption decisions affected by the nature of products, income, and scarcity?

• Price elasticity of demand

• Income elasticity of demand

• What influences elasticity of demand?

• Elasticity of supply

• The time dimension: Short and long run

• Do risk, marketing and information play a role?

Week 2 Tutorial and the Team-based Learning (TBL) session’s case analysis are based on Topic 2.

Required readings: Sloman et al, 8th edition (2019)

— Read Chapter 5 (including Boxes 5.1, 5.2, 5.3); and — Read Chapter 6 (Read Sections 6.1 & 6.2), excluding Boxes)