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Chapter 6 Key Terms

ECO 251

TermDefinition
elasticity measures the responsiveness of one variable with respect to changes in another
price elasticity measures the responsiveness of the quantity demanded of a good to change in its price
price elastic demand when a change in the price of a good will result in a larger % change in the quantity sold
price inelastic demand when a change in the price of a good will result in a smaller % change in the quantity sold
unit elastic demand when the change in the price of a good will result in an equal % change in the quantity sold
total revenue total $ received for the sale of a good in a time period = Price x Quantity sold
perfectly elastic when demand for a good is completely sensitive to a price change
income elasticity measures the responsiveness of the demand for a good to a change in buyers income
cross-price elasticity measures the responsiveness of the demand for a good to a change in the price of a related good
elasticity of supply measures the responsiveness of the quantity supplied of a good to a change in the price of the good
perfectly inelastic when demand for a good is completely insensitive to a price change
Created by: SavanahT
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