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What is income elasticity of demand (YED) ?
the responsiveness of the demand of a good to the change in income of a good, ceteris paribus.
What is cross-elasticity of demand (XED) ?
the responsiveness of the demand of good A to a change in price of good B
Marginal utility
the additional satisfaction derived from a consumer consuming an additional unit of the good or service
Marginal cost
the additional cost derived from a producer producing an additional unit of a good or service
Marginal cost
additional cost of
What is price elasticity of demand (PED) ?
PED measures the responsiveness of the quantity demanded of a good with respect to the change in its own price, ceteris paribus.