Significance of relative percentage changes, the size and sign of the coefficient of: - price elasticity of demand - income elasticity of demand - cross elasticity of demand

Descriptions of elasticity values: perfectly elastic, (highly) elastic, unitary elasticity, (highly) inelastic, perfectly inelastic - Explaining different elasticity values and their interpretations.

Variation in price elasticity of demand along the length of a straight-line demand curve - Analyzing how PED varies along a straight-line demand curve.

Factors affecting: - price elasticity of demand - income elasticity of demand - cross elasticity of demand

Relationship between price elasticity of demand and total expenditure on a product - Examining the relationship between PED and total expenditure.

Implications for decision-making of price elasticity, income elasticity and cross elasticity of demand - Discussing the implications of elasticity concepts for decision-making in various contexts.

Definition of price elasticity of supply (PES) - Defining PES as the responsiveness of quantity supplied to changes in price.

Formula for and calculation of price elasticity of supply - Presenting the formula and calculating PES.

Significance of relative percentage changes, the size and sign of the coefficient of price elasticity of supply - Discussing the significance of PES coefficient size and sign.

Factors affecting price elasticity of supply - Analyzing factors that influence PES.

Implications for speed and ease with which firms react to changed market conditions - Examining the impact of PES on firm responses to market changes.

Definition of market equilibrium and disequilibrium - Defining equilibrium and disequilibrium in a market.