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In this lecture, Dr Carlos Carrillo-Tudela looks into the theories of price elasticity for both supply and demand and their impact on consumers. He also introduces the consumer theories of risk, preferences and utility. This lecture comes from our Economics for Business module (EC100) which is designed for students with no previous background in economics and provides an introductory overview of modern economics, including examples in microeconomics that have a bearing on the world of business.
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