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Econ 221 Exam 2

Consumer Choice, Externalities, Taxes/Subsidies, Elasticities

QuestionAnswer
Elasticity Measure of responsiveness
Equation for Elasticity % Change Dependent Variable/ % change Independent Variable
Price Elasticity of Demand Percent change in quantity demanded divided by percent change in price of goods
Equation for Price Elasticity of Demand % change Quantity Demanded/% change Price
Price down, quantity up; total revenue down More responsive
Price down, total revenue down Less responsive
If Elasticity of Demand > 1 Elastic
Total Revenue Price * Quantity Sold
Perfectly Ineastic Vertical demand curve; no change in price
Prefectly Elastic Horizontal demand curve; Constant price change
Income Elasticity of Demand % change QD/% change income
Cross Price Elasticity of Demand % change QD ofGood A/% change Price Good B
Cross Price Elasticity of Demand deals with determining if goods are ___ or ____ to each other Substitutes or complements
Price Elasticity of Supply % change QS/% change price
Absolute Value of Elasticity of Demand >1 Elastic
Absolute Value of Elasticity of Demand <1 Inelastic
What party pays the majority of a tax? Inelastic Party
Tax Incidence Equation (Consumer) Change in Price Cosumers pay/tax
Created by: brewerr3
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