Chapter 5 (Elasticity) (MICRO)

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Elasticity

measures the responsiveness of one economic variable, like quantity demanded, to a change in another, such as price or income

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Percent change of quantity demanded (formula)

percent change in quantity demanded /percent change in price

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Midpoint formula(Arc elasticity)

percent change in quantity demanded /percent change in price

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Perfectly inelastic

if quantity demanded does not change at all when price changes

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Perfectly elastic

if quantity demanded “changes infinintly” when the price changes

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Total revenue

Price X Quantity

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