Stack #4089637
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| cross-price elasticity of demand | The percentage change in the demand of one good divided by the percentage change in the price of another good; it’s positive for substitutes, negative for complements, and zero for unrelated goods
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| income elasticity of demand | The percentage change in demand divided
by the percentage change in consumer income; the value is positive for normal goods and negative for inferior goods
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| unit-elastic supply curve | A percentage change in price causes an identical percentage change in quantity supplied; depicted by a supply curve that is a straight line from the origin; the elasticity value equals 1.0
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| inelastic supply | A price change has relatively little effect on quantity supplied; the percentage change in quantity supplied is less than the percentage change in price; the price elasticity of supply is less than 1.0
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| unit-elastic supply | The percentage change in quantity supplied equals the percentage change in price; the price elasticity of supply equals 1.0
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| elastic supply | A price change has a relatively large effect on quantity supplied; the percentage change in quantity supplied exceeds the percentage change in price; the price elasticity of supply exceeds 1.0
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| perfectly elastic supply curve | A horizontal line, which means that any price decrease drops the quantity supplied to zero; the elasticity value is infinity
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| perfectly inelastic supply curve | A vertical line, which means that a price change has no effect on the quantity supplied; the elasticity value is zero
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| price elasticity of supply | Measures the responsiveness of quantity supplied to a price change; the percentage change in quantity supplied divided by the percentage change in price
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| perfectly inelastic demand curve | vertical line, which means that any price change has no effect on the quantity demanded; the elasticity value is zero
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| unit-elastic demand curve | Everywhere along the demand curve, the percentage change in price causes an equal but offsetting percentage change in quantity demanded, so total revenue is unchanged; the elasticity has an absolute value of 1.0
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| constant-elasticity demand curve | The type of demand that exists when price elasticity is the same everywhere along the curve; the elasticity value is unchanged
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| perfectly elastic demand curve | A horizontal line, which means that any price increase would reduce quantity demanded to zero; the elasticity has an absolute value of infinity
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| price elasticity of demand | Measures
how responsive quantity demanded is to a price change; the percentage change in quantity demanded divided by the percentage change in price
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| inelastic demand | A change in price has relatively little effect on quantity demanded; the percentage change in quantity demanded is less than the percentage change in price; the resulting price elasticity has an absolute value less than 1.0
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| unit-elastic demand | The percentage change in quantity demanded equals the percentage change in price; the resulting price elasticity has an absolute value of 1.0
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| elastic demand | A change in price has a relatively large effect on quantity demanded; the percentage change in quantity demanded exceeds the percentage change in price; the resulting price elasticity has an absolute value exceeding 1.0
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| total revenue | Price multiplied by quantity demanded at that price
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| linear demand curve | A straight-line demand curve; such a demand curve has a constant slope but usually has a varying price elasticity
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