Reflection - Elasticity Concepts

	What I Know	What I Want to Know	What I learned
Shi Yi	Understand how and when to apply the concepts of PED and PES, the factors involved & how it affects revenue during different economic situations.	Still not sure about how to apply XED and YED in essay question.	People’s preferences for goods during economic boom/recession. Factors that affect the change in the market and shift in the graph shows the revenue affected (increase/decrease). Elasticity concepts are important in examining the market change.
Wei Yuan	Understanding of 4 concepts of elasticity helps firms to devise strategies to increase their revenue/profits. Nevertheless, due to the dynamic market conditions, the various values are only estimates, therefore we need to take in other factors into consideration.	What other external factors affect the elasticity of certain goods?	Price elasticity is important and plays a huge role in the economy as it determines the profit of what we earn and affects our choice making while taking into consideration of the marginal benefits and cost.
Arfa	The factors that affect the extent/magnitude of change. Types of goods people prefer when income change. What happen to the market when changes are made.	Still not sure about XED	Elasticity concepts to explain why and how changes in price of a product, income & prices of related products affect business sales and revenue. Elasticity is important to examine the extent/magnitude of the change involved in quantity demanded/supplied due to the change in price or non-price factors.
Shun Yong	How to apply PED, PES and YED in essay question.	Still unclear of how to apply XED in essay question.	Degree of necessity, taste & preference of goods and factors that influence YED
Yuan Yan	Elasticity concepts can affect the market	Nothing about it since I know what I have to know	Strategies to increase the total revenue/profits