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Elasticity

Key words and definitions for elasticity of demand for Leaving Certificate

TermDefinition
1. Income Elasticity of Demand (YED) Measures the percentage / proportionate change in the demand for a good caused by the percentage / proportionate change in income.
2. Formula for Income Elasticity of Demand (Y1 + Y2 / Q1 + Q2) x (change Q / change Y)
3. Price Elasticity of Demand (PED) Measures the percentage / proportionate change in the demand for a good caused by the percentage / proportionate change in the price of that good.
4. Formula for Price Elasticity of Demand (P1 + P2 / Q1 + Q2) x ( change Q / change P)
5. Cross elasticity of demand Measures the percentage / proportionate change in the demand for one good, caused by the percentage / proportionate change in the price of other goods.
6. Formula for Cross Elasticity of Demand (P(A)1 + P(A)2 / Q(B)1 + Q(B)2) x (change Q(B) / change P(A))
7. Perfectly elastic demand. Occurs when consumers are prepared to buy all they can of a good at a given price, while any increase in price above this given price will result in quantity demanded to fall to zero. This is represented by a horizontal demand curve.
8. Perfectly Inelastic Demand. The percentage change in price causes no change in the quantity demanded. This is represented by a vertical demand curve.
9. Elastic demand The percentage change in demand is greater than the percentage change in the price of the good.
10. Inelastic demand The percentage change in demand is less than the percentage change in the price of the good
11. Unitary elastic demand. The percentage change in demand is equal to the percentage change in the price of the good.
Created by: pdsteconomics
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