Market Equilibrium, Government Policy & Elasticity
Completed by GABRIEL ANTWI BOASIAKO
May 11, 2026
6 hours (approximately)
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What you will learn
Surplus & Social Welfare: Applying the concept of surplus to measure the welfare of an economy and use the supply and demand model to illustrate it
Impact of Government Interventions: Understand how government interventions (eg. price controls) impact social welfare using model of supply & demand
Price Elasticity of Demand: Learn how to classify goods based on their price elasticity of demand & predict how changes in price might affect revenue
Analysis of Tax Implications: Use the price elasticity of demand concept to determine the distributional and welfare effects of an excise tax
Skills you will gain
- Category: Business Economics
- Category: Economics, Policy, and Social Studies
- Category: Supply And Demand
- Category: Political Sciences
- Category: Behavioral Economics
- Category: Consumer Behaviour
- Category: Market Dynamics
- Category: Decision Making
- Category: Public Policies
- Category: Socioeconomics
- Category: Policy Analysis
- Category: Resource Allocation
