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Microeconomics-

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
show measure to responsiveness to changes in prices or incomes  
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show an increase in price reduces the quantity demanded a lot (& vice versa)  
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show when same increase in price reduces quantity demanded just a little, then the demand curve is inelastic  
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Elasticity is NOT EQUAL to slope but...   show
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Price elasticity of demand   show
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show to avoid calculating different elasticities for rising vs falling prices, we calculate the price elasticity of demand using midpoint formula for percentage changes/instead of dividing by the initial quantity or price, we'll use the average quantity/price  
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If the Price of a sushi roll drops from $8 to $4 and sales rise from 20 to 40 units, what is the (absolute value) of the price elasticity of demand?   show
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show demand curve is inelastic  
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show demand curve is elastic  
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|ED|=1   show
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show price times quantity demanded (sold) TR=PxQ -sellers need to know how elastic their good is so they can plan  
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When demand is inelastic   show
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When demand is elastic   show
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show quantity effect equals the price effect SO an increase in price exactly balances the reduction in the quantity demanded-in this instance total revenue doesn't change  
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show It will increase  
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show They think it's inelastic  
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What Factors Determine the price elasticity of demand?   show
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Cross-price elasticity of demand   show
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show positive -an increase in the price of one brand of cookies will increase the demand for other brands  
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show negative -increase in the price of milk causes a decrease in demand for oreos  
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show measures how sensitive the quantity demanded of a good is to changes in income  
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For normal goods, income elasticity is.........   show
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show negative  
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Created by: kthomas96