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# Economics

TermDefinition
Price Elasticity of Demand The mathematical result we get from applying this formula to a change in price gives us a very accurate account of how demand has been affected.
Consumer habits/brand loyalty A consumer may be become strongly attached to a particular product through habit or loyalty to that brand.
Revenue Revenue in economics usually means sales revenue i.e. the income we receive from sales.
Total Revenue This is the total amount of money received from sales. It is calculated by multiplying price per unit by the number of units sold.
Marginal Revenue This is the change in total revenue resulting from the sale of one extra unit of the commodity.
Income Elasticity of Demand. ‘The Yed measures the percentage change in the demand for one good caused by the change in the consumer’s income’.
Cross Elasticity of Demand The Ced measures the percentage change in the demand for one good caused by the percentage change in the price of other goods.
Perfectly Elastic. Infinite elasticity of supply. None of the commodity will be supplied below a certain price (P1).

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