Equil & Elasticity
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | If no interference in the market occurs(by the government or other agency), price will eventually settle at a level where quantity demanded equals quantity supplied. This position where there is no tendency for prices to change is called the Mkt Equil.
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| show | is a measure of responsiveness(sensitivity) of the quantity demanded of a good to a change in some variable.
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| show | measures the %/proportionate change in the quantity demanded for a good caused by the %/proportionate change in the price of the good itself.
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| show | when the %/Proportionate change in the Qd of a good is GREATER than the %/proprotionate change in the price of the good itself.
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| show | when any increase in the price of that good results in its quantity falling to zero.
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| Unitary Elastic | show 🗑
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| Relatively Inelastic | show 🗑
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| show | if the %/proportionate change in the price of a good causes no change in the Qd of that good.
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| show | measures the %/proportionate change in the Qd for one good caused by the %/proportionate change in the price of another good.
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| show | measures the %/proportionate change in the Qd for a good caused by the %/proportionate change in the income of consumers.
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| show | measures the relationship between the %/proportionate change in Qs and a %/proportionate change in price.
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| Elastic Supply | show 🗑
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| Inelastic Supply | show 🗑
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| show | an increase in the selling price of the good does not result in any increase in the QS. the supply of fish on market day is fixed.
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Created by:
cmcgrath
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