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elasticity
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ia a measure of how responsive buyers and sellers are to changes in market conditions
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elasticity
ia a measure of how responsive buyers and sellers are to changes in market conditions
price elasticity of demand
is the percentage change in quantity demanded given a percent change in the price
price elasticity of demand
is a measure of how much the quantity demanded of a good responds to change in the price of that good
elasticity
measures how much one variable responds to changes in another variable
elasticity
is a numerical measure of the responsiveness of Qd or Qs to one of its determinants
price elasticity of demand
measures how much Qd responds to a change in P.
price elasticity of demand
it measures the price sensitivity of buyers's demand
midpoint
is the number halfway between the start and end values, the average of those values
price elasticity
is higher when close substitutes are available
price elasticity
is higher for narrowly defined goods than broadly defined ones
price elasticity
is higher for luxuries than for necessities.
price elasticity
is higher in the long run than the short run.
price elasticity of demand
is closely related to the slope of the demand curve
perfectly inelastic demand
/Ep/=0
inelastic demand
/Ep/<1
unit elastic demand
/Ep/=1
elastic demand
/Ep/>1
perfectly elastic demand
/Ep/=infinity
price elasticity of supply
measures how much Qs responds to a change in P
price elasticity of supply
it measures sellers' price sensitivity
slope of the supply curve
is closely related to price elasticity of supply
income elasticity of demand
measures the response of Qd to a change in consumer income
cross-price elasticity of demand
measures the response of demand for one good to changes in the price of another good
substitute
e>0 (+)
complementary
e<0 (-)
income elasticity of demand
measures how much quantity demanded responds to changes in buyers' incomes
price elasticity of supply
is greater in the long run than in the short run
price elasticity of demand
equals percentage change in Qd divided by percentage change in P.
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