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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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## terms list

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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