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macroecon

vocab words chapter 3

QuestionAnswer
Elasticity A measure of the response of one variable to a change in another, stated as a ratio of the percentage change in one variable to the associated percentage change in another variable.
Price elasticity of demand The ratio of the percentage change n the quantity of a good demanded to a given percentage change in its price, other things being equal
Revenue Price times quantity sold
Elastic demand A situation in which quantity demanded changes by a larger percentage than the price, so that total revenue increases as price decreases.
Inelastic demand A situation in which quantity demanded changes by a smaller percentage than price, so that total revenue decreases as price decreases.
Unit elastic demand A situation in which price and quantity demanded change by the same percentage so that total revenue remains unchanged as price changes.
Perfectly inelastic demand A situation in which the demand curve is a vertical line.
Perfectly elastic demand A situation in which the demand curve is a horizontal line.
Income elasticity of demand The ratio of the percentage change in the quantity of a good demanded to a given percentage change in consumer incomes, other things being equal.
Cross-elasticity of demand The ratio of the percentage change in the quantity of a good demanded to a given percentage change in the price of some other good, other things being equal.
Price elasticity of supply The ratio of the percentage change in the quantity of a good supplied to a given percentage change in its price, other things being equal.
Tax incidence The distribution of the economic burden of tax
Created by: fugue009
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