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MicroEco Ch. 4

Microeconomics Chapter 4 Elasticity

TermDefinition
Price Elasticity of Demand Consumers are highly responsive to price changes
Midpoint Formula Averages the two prices and the two quantities as the reference points for computing the percentages
Elastic Specific percentage change in price results in a larger percentage change in quantity demanded
Inelastic Specific percentage change in price produces a smaller percentage change in quantity demanded
Perfectly Inelastic Price change results in no change whatsoever in the quantity demanded
Perfectly Elastic Small price reduction causes buyers to increase their purchases from zero o all they can obtain, the elasticity coefficient is infinite
Total Revenue Total amount the seller receives from the sale of a product in a particular time period; calculated by multiplying the product price by the quantity sold
Total Revenue Test Easiest way to infer whether demand is elastic or inelastic
Market Period Period that occurs when the time immediately after a change in market price is too short for producers to respond with a change in quantity supplied
Short Run Period of time too short to change plant capacity but long enough to use the fixed-sized plant more less intensively
Long Run Time period long enough for firms to adjust their plant sizes and for new firms to enter the industry
Cross Elasticity of Demand Measures how sensitive consumer purchases of one product are to change in the price of some other product
Income Elasticity of Demand Measures he degree to which consumers respond to a change in their incomes by buying more or less of a particular good
Created by: ginganinjaem
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