Use a four-quadrant chart to visualize these relationships. Color-code each elasticity type and include real-world products for each category (e.g., airline tickets for elastic, insulin for inelastic). Review the formula variations used for calculating PED when given two price and quantity points:
Consumer Burden=(Pconsumers−Pequilibrium)×QtaxConsumer Burden equals open paren cap P sub c o n s u m e r s end-sub minus cap P sub e q u i l i b r i u m end-sub close paren cross cap Q sub t a x end-sub ib economics hl formula booklet repack
Inflation Rate=New CPI−Old CPIOld CPI×100Inflation Rate equals the fraction with numerator New CPI minus Old CPI and denominator Old CPI end-fraction cross 100 Use a four-quadrant chart to visualize these relationships