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Elasticity

LC Economics

TermDefinition
Price Elasticity of Demand Measures the percentage change in quantity demanded in response to a percentage change in price of a good or service
Relatively Elastic A change in price will cause a more than proportionate change in quantity demanded.
Relatively Inelastic A change in price will cause a less than proportionate change in quantity demanded.
Unitary elastic A change percentage in price will cause a proportionate change in quantity demanded. Revenue for the firm will not change. A
Perfectly Elastic An increase in price of that good causes quantity demand to fall to zero.
Perfectly Inelastic A change in price of that good causes no change in quantity demanded
Goods that do NOT obey the law of demand will have this sign in a PED calculation Plus
If a good has an elasticity calculation between 0 and -1 it is said to be... Relatively Inelastic
If a good has PED calculation equal to 1 or -1 it is said to be... Unitary Elastic
Factors that influence PED The availability of close substitutes, Complementary goods, Is the commodity a luxury or necessity?, The proportion of income which is spent on the commodity, The durability of the commodity, Expectations as to future changes in price
Income Elasticity of Demand Measures the percentage change in quantity demanded in response to a percentage change in real income
Normal Goods have a YED Positive
Inferior Goods have a YED Negative
Cross Elasticity of Demand Measures the percentage change in quantity demanded in response to a percentage change in price of another specific good
Substitute Goods have a CED Positive
Complementary Goods have a CED Negative
Price Elasticity of Supply Measures the relationship between the percentage change in quantity supplied in response to a percentage change in price of a good or service
Factors that influence PES Firm’s Capacity, Mobility of Factors of Production, Time period, Nature of the product, Storage Costs, Cost Conditions, Products in joint supply, Stock
Created by: dkellybusiness
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