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Teaching Economics

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Mnemonic Monday

Jim Riley

25th May 2009

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I intend to add a new mnemonic to this blog every Monday. Today: factors affecting price elasticity of demand.

Price elasticity of demand (SPLAT)

Substitutes
Percentage of income
Luxury or necessity
Addiction
Time

Next week: factors affecting price elasticity of supply!

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Jim Riley

Jim co-founded tutor2u alongside his twin brother Geoff! Jim is a well-known Business writer and presenter as well as being one of the UK's leading educational technology entrepreneurs.

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