Relationship between price , goods , Consumer and producer.

Our last class was all about so many different topics . We learn about Revenue , Pricing and Elasticity as
1. If goods are elastic
~then reduce price to increase revenue
2.If goods are inelastic
~then increase price to increase revenue
3. Unitary elastic
~then hold price constant , no effect on revenues .

Then we learn , The Price Mechanismin which there are Goods Market and Factor Market .
Pes = /Ped/
Pes < /Ped/   : divergence
Pes > /Ped/   : convergence
Where Pes = Price elasticity of sales and
             Ped = Price elasticity of demand
Then , Consumer Surplus : this is the difference between the price which the consumer is willing to pay and what consumer actually pays .  And.
          Product Surplus : this is the difference between the price which producer is willing to sell and at what price actually sold .
Now the next we learn was how to draw graph or can say how to draw line on graph .
At last we learn about consumer / producer behaviour .Here it explains about production , usage and deposition of goods , services , activities and ideas in a given time period .