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ch4s3

vocab

TermDefinition
elasticity of demand term economists use to describe how responsive consumers are to price changes in the marketplace
elastic elastic demand when a change in price, either up or down, leads to relatively larger change in the quantity demanded
inelastic inelastic demand when a change in price leads to a relatively smaller change in the quantity demanded
unit elastic when the percentage change in price and quantity demanded are the same
total revenue the amount paid by buyers and received by sellers of a good computed as the price of the good times the quantity sold
total revenue test measure elasticity by comparing the total revenue a business would receive when offering its product at various prices
Created by: shortbreadcookie
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