Chp 2 Demand and Supply

0.0(0)
studied byStudied by 1 person
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/6

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

7 Terms

1
New cards

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.

2
New cards

What is cross-elasticity of demand (XED) ?

the responsiveness of the demand of good A to a change in price of good B

3
New cards

Marginal utility

the additional satisfaction derived from a consumer consuming an additional unit of the good or service

4
New cards

Marginal cost

the additional cost derived from a producer producing an additional unit of a good or service

5
New cards

Marginal cost

additional cost of

6
New cards

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.

7
New cards