WANTED! elasticity song :))
hey people :)) here's my song from WANTED!okay. its sung to the high school school song!
and yeah.. my brother sang it (again)! :D
it's split into the four verses..
heres the lyrics:
There are various elasticity concepts used in economics,
PED, and YED, and CED: price, income and cross.
They all vary in many things, definition, formula and sign,
But their purpose through applications all remains the same.
PED is a pricing determinant that is always negative.
It can either be elastic or inelastic, depending on the nature of the good.
Lower price when demand is price elastic, as many substitutes are available.
Increase price when demand is price inelastic, so as to increase total revenue.
YED can be positive or negative, depending --on the kind of goods.
Inferior goods have negative YED, normal goods have positive.
Increase production of inferior goods during recessions.
Raise the production for luxury goods during economic booms.
CED can be positive or negative, or even zero.
Substitutes have positive CED, complements have negative.
Differentiate the products and services in terms of substitutes.
Organize joint promotions or discounts for the complements.
enjoy -.- <-- i think the face is from leo :X
anyway, heres the link:
http://www.esnips.com/doc/3c0084a6-d447-4360-b7a9-9ff0b72efc7e/WANTED!-elasticity-song
posted by Zhou @ 7:47 PM
Comments: 2
