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Elasticity

QuestionAnswer
Elasticity How economists measure responsiveness in a market
Responsiveness of buyers Own-price elasticity of demand, cross-price elasticity of demand, income elasticity of demand
Responsiveness of sellers Price elasticity of supply
Own-price elasticity of demand equation Precent change in Qd/Precent change in P
Own-price elasticity of demand answer Always negative
Own-price elasticity of demand meaning To see how price effects demand
Elasticity is greater than 1 Demand is elastic
Elasticity is less than 1 Demand is inelastic
Elastic Quantity is responsive to changes in price
Inelastic Quantity is not very responsive to changes in price
Precent change calculation New-old/average
What determines how elastic or inelastic a good is? Availability of substitutes, scope of the market definition, degree of necessity, time
Revenue The total amount of money a good or service will earn when sold
Revenue equation Price x quantity
Cross-price elasticity of demand meaning How much a change in price of another good will effect the quantity demanded
Cross-price elasticity of demand equation Precent change in Qd/precent change in P in another good
Positive cross-price elasticity The goods are substitutes
Negative cross-price elasticity The goods are complements
Zero cross-price elasticity The goods are unrelated
Income elasticity of demand meaning How change in income causes demand to shift
Income elasticity of demand equation Precent change in Qd/precent change in income
Positive income elasticity Good or service is normal
Negative income elasticity Good or service is inferior
Magnitude of cross-price elasticity Shows degree of elasticity in substitutes or complements
Magnitude of income elasticity Tells how responsive consumers are to income changes
Created by: user-2052955
 

 



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