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Microecon

Ch. 6 Elasticity

TermDefinition
elasticity degree of responsiveness a curve has with respect to price.
elastic responsive, curve greater than 1
inelastic unresponsive, curve less than 1
long run distant future, buyers and sellers make permanent decisions like exiting market or decreasing consumption
midpoint formula (x1+x2/2, y1+y2/2)
determinants of price elasticity of demand time, substitutes, luxury, necessity
perfectly inelastic demand/supply vertical line
perfectly elastic demand/supply horizontal line
total revenue total funds received by a seller of g/s
cross-price elasticity of demand % change in quantity demanded of one good divided by % change in $ of another good
income elasticity of demand % change in quantity demanded divided by % change in income
price elasticity of supply % change in quantity supplied divided by % change in $
Created by: 1839233205
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