TODAY: Roses and Thorns, Seminar Makeup Reminder, Price Elasticity Practice, Sanctions Video, Project Work/Organization Time


Make-up "Price System" Seminar Tues. 11/25 @ Lunch. MUST BRING HOMEWORK. 

Price Elasticity Practice: You are selling coffee.  If you change your price from $2 to $3 and the demand changes from 5000 cups a month to 1000 a month. Calculate the price elasticity (show your work). In this case in the price elasticity of demand elastic or inelastic? Does this surprise you? why?

Sanction: an action that is taken or an order that is given to force a country to obey international laws by limiting or stopping trade with that country, by not allowing economic aid for that country, etc.