# Understand the price elasticity of demand formula 2. Draw a perfectly elastic and perfectly inelastic demand...

###### Question:

Understand the price elasticity of demand formula

2. Draw a perfectly elastic and perfectly inelastic demand curve and label each

3. Be able to identify whether demand is elastic or inelastic given changes in quantity and price

4. Be able to calculate percentage change using the midpoint formula and be able to apply it to calculate the price elasticity of demand

5. Know the determinants of the price elasticity of demand and be able to identify how they change price elasticity

6. Understand how to identify whether two goods are complements, substitutes, normal, inferior, necessity or luxury given cross price elasticity or income elasticity