HSC Together Year 11 Economics: Calculating Price Elasticity Using the Total Outlay Method

Economics

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Calculating Price Elasticity Using the Total Outlay Method

An Overview of the Total Outlay Method

This post will help you to understand how we calculate the price elasticity of demand using the total outlay method, as part of your Prelim Economics course. The total outlay method of calculating price elasticity is an easy way to visualise how elasticities change depending on the price change. This video below explains how it is used.

 

Want to learn more? Check out more of our Preliminary Economics resources here!

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