Academisolve

Social Sciences

Economics, step by step

Beyond calculations, Academisolve explains the economic reasoning behind supply and demand, elasticity, market structures and policy.

Coverage

Topics we cover

  • Supply and demand
  • Elasticity
  • Market structures
  • GDP and growth
  • Monetary and fiscal policy
  • International trade

Worked example

EconomicsSolved

Question

The price rises from €10 to €12 and quantity falls from 100 to 90. What is the price elasticity?

  1. Step 1: Percentage change in quantity: (90 − 100) ÷ 100 = −10%
  2. Step 2: Percentage change in price: (12 − 10) ÷ 10 = +20%
  3. Step 3: Elasticity = −10% ÷ 20%
Answer: PED = −0.5, so demand is inelastic

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