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Econ 201 Exam 2 EL
Need to know points about Elasticity
| Question | Answer |
|---|---|
| If Income Elast of D = 1>0 demand is ______. | Inelastic |
| The Income Elast of D is >0 for ________ goods. | Normal |
| The Income Elast of D is <0 for ________ goods. | Inferior |
| %ChangeQ > %ChangeP for ______ demand | Elastic |
| %ChangeQ < %ChangeP for ______ demand | Inelastic |
| For _____ demand if P increases, TR will decrease. | Elastic |
| For _____ demand if P increases, TR will increase. | Inelastic |
| If own P elasticity = 1, demand is? | Unit-elastic |
| If OPE is 1> demand is? | Inelastic |
| If income elasticity of D is negative, it's an _______ good. | Inferior |
| IF given Own Price Elasticity of D you can't tell if a good is: | Normal or Inferior |
| Horizontal D Curve = | Perfectly Elastic |
| Vertical D Curve = | Perfectly Inelastic |
| If perfectly inelastic, the elasticity of supply = | Zero |
| If Qd = unchanged when P changes, D = | Perfectly Inelastic |
| This tells how consumers change their D for a good when their income changes. | Income Elasticity of Demand |
| This tells how buyers change their response when P of some OTHER good changes. | Cross Price Elasticity |
| Cross Price Elasticity of D = >0 for _______. | Substitutes |
| If 2 goods are independent in Demand, the cross price elasticity of D = ? | Zero |
| Cross Price Elasticity of D = <0 for goods that are _______. | Complements |
| If Own Price Elasticity of D >1, D = | Elastic |
| If Own Price Elasticity of D <1, D = | Inelastic |
| If Own Price Elasticity of D=1, D = | Unit-elastic |
| If dealing with elasticity of 2 goods must be _____ Elasticity of Demand. | Cross Price |
| If Income Elast of D = >1 demand is ______. | Elastic |
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