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Unit 2

AP Microeconomics

QuestionAnswer
shifters of supply - prices/availability of resources - government tools - competition (# of sellers) - technology - prices of other goods
shifters of demand - tastes and preferences - number of consumers - price of related goods - income - future expectations
elasticity of demand (PED) equation % ∆ quantity/% ∆ price
elasticity of supply (SED) equation % ∆ quantity/% ∆ price
cross-price elasticity of demand (XED) equation % ∆ quantity Product B/% ∆ Product A
XED positive coefficient substitutes
XED negative coefficient complements
income elasticity of demand (YED) equation % ∆ quantity/% ∆ income
YED positive coefficient normal
YED negative coefficient inferior
double shift rule if two curves shift at the same time, either price or quantity will be INDETERMINATE
price ceiling maximum a good can sell for (must be BELOW equilibrium to cause a SHORTAGE)
price floor minimum a good can sell for (must be ABOVE equilibrium to cause a SURPLUS)
excise tax per unit tax placed on PRODUCERS
Created by: maraschrantz
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