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Equil & Elasticity

TermDefinition
Market Equilibrium If no interference in the market occurs(by the government or other agency), price will eventually settle at a level where quantity demanded equals quantity supplied. This position where there is no tendency for prices to change is called the Mkt Equil.
Elasticity is a measure of responsiveness(sensitivity) of the quantity demanded of a good to a change in some variable.
Price Elasticity of Demand PED measures the %/proportionate change in the quantity demanded for a good caused by the %/proportionate change in the price of the good itself.
Relatively Elastic when the %/Proportionate change in the Qd of a good is GREATER than the %/proprotionate change in the price of the good itself.
Perfectly Elastic when any increase in the price of that good results in its quantity falling to zero.
Unitary Elastic when the %/proportionate change in the Qd of a good is equal to the %/proportionate change in the price of that good.
Relatively Inelastic if the %/proportionate change in Qd of a good is LESS than the %/proportionate change in the price of that good.
Perfectly Inelastic if the %/proportionate change in the price of a good causes no change in the Qd of that good.
Cross Elasticity of Demand CED measures the %/proportionate change in the Qd for one good caused by the %/proportionate change in the price of another good.
Income Elasticity of Demand YED measures the %/proportionate change in the Qd for a good caused by the %/proportionate change in the income of consumers.
Price Elasticity of Supply PES measures the relationship between the %/proportionate change in Qs and a %/proportionate change in price.
Elastic Supply when the proportionate change in Qs is GREATER than the proportionate change in price.
Inelastic Supply when a change in the price of the good causes LESS than a proportionate change in the Qs of a good.
Perfectly Inelastic of Supply (Zero Elasticity of supply) an increase in the selling price of the good does not result in any increase in the QS. the supply of fish on market day is fixed.
Created by: cmcgrath
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