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econ 208

QuestionAnswer
Price Elasticity of Demand Formula percent change Qx / percent change Px
XED Formula percent change Qx / percent change Py
YED Formula percent change Q / percent change Income
If PED=0, price is ____ which means ____. perfectly inelastic, people will pay despite price changes
If 0<PED<1, price is _____ which means ____. relatively inelastic, they goods are necessities and don't frequently fluctuate
If PED=1, price is ____ which means ____. unit elastic, Qd changes perfectly in proportion to price change
If PED>1, price is ____ which means ____. relatively elastic, customers are sensitive to price (goods with substitutes, luxury goods)
If PED = infinity, price is ____ which means ____. perfectly elastic, consumers will only purchase at one certain price point (ex: wheat)
If XED>0 (pos), the goods are ____. Substitutes
If XED<0 (neg), the goods are ____. Complements
If XED=0, the goods are ____. Independent
How does elasticity impact total revenue if there is a price increase? Elastic: TR decreases Inelastic: TR increases Unit elastic: TR is unchanged
Positive YED indicates that the good is ____. This means that there is a ____ relationship between Qd and income. Normal, positive
Positive YED indicates that the good is ____. This means that there is a ____ relationship between Qd and income. Inferior, negative
Budget Formula Income = (Qy(Py)) + (Qx(Px))
Optimal Consumption Formula MUx/Px = MUy/Py
Marginal Rate of Substitution MRS = MUx/MUy
Marginal Product MP = Change in TP/Change in Labor
TVC TC - TFC
TFC TC - TVC
AVC TVC/Q
AFC TFC/Q
ATC TC/Q
Marginal Cost Change in TC / Change in Q
Shutdown relationship Profit < AVC Minimum
Based on elasticity, who bears the burden more? Whichever side is more inelastic bears greater tax incidence
Consumer Surplus and Producer Surplus a= (1/2) bh
Created by: user-1907215
 

 



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