{"id":161,"date":"2024-05-29T23:01:12","date_gmt":"2024-05-29T23:01:12","guid":{"rendered":"https:\/\/course.oeru.org\/miec101\/?page_id=161"},"modified":"2024-05-29T23:01:12","modified_gmt":"2024-05-29T23:01:12","slug":"introduction-and-objectives","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/miec101\/learning-pathways\/price-controls-and-elasticity\/introduction-and-objectives\/","title":{"rendered":"Introduction and objectives"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<p>\nHere we will look at what causes movements along the curve and the set of factors that cause the curves to shift, affecting both price and quantity, before discussing the meaning and significance of elasticity. Next, we will take a look at what happens when a market fails to produce a reasonable equilibrium. This situation typically occurs when either the market is not competitive or complete, or its participants are ill-informed. We will evaluate various ways in which the government can address these failures and begin to understand the intricate relationship between government and economics.\n<\/p>\n<p>\n<\/p>\n<div class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"objectives\" src=\"https:\/\/course.oeru.org\/miec101\/wp-content\/themes\/oeru_course\/idevices\/Icon_objectives.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Objectives<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<p>Upon successful completion, you will be able to:\n<\/p>\n<ul>\n<li> apply the concept of elasticity as a measure of responsiveness to various variables; and\n<\/li>\n<li> analyze how the market can be manipulated through price controls or quantity controls.\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.022 seconds\nReal time usage: 0.024 seconds\nPreprocessor visited node count: 111\/1000000\nPreprocessor generated node count: 839\/1000000\nPost\u2010expand include size: 1995\/2097152 bytes\nTemplate argument size: 582\/2097152 bytes\nHighest expansion depth: 7\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:177001-0!*!*!*!*!2!* and timestamp 20240529063326 and revision id 1010442\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/miec101\/learning-pathways\/supply-demand-and-equilibrium\/market-equilibrium\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/miec101\/learning-pathways\/price-controls-and-elasticity\/price-controls\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Introduction_to_principles_of_microeconomics\/Price_controls_and_elasticity\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"bfcc358bbf116dd7f7b89449b6bac2c9\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Introduction_to_principles_of_microeconomics\/Price_controls_and_elasticity\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"bfcc358bbf116dd7f7b89449b6bac2c9\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>Here we will look at what causes movements along the curve and the set of factors that cause the curves to shift, affecting both price and quantity, before discussing the meaning and significance of elasticity. Next, we will take a look at what happens when a market fails to produce a reasonable equilibrium. This situation [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":159,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-161","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages\/161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/comments?post=161"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages\/161\/revisions"}],"predecessor-version":[{"id":162,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages\/161\/revisions\/162"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages\/159"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/media?parent=161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}