elasticity

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Last updated 12:35 AM on 6/25/26
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13 Terms

1
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elasticity of demand

measures how consumers respond to change in price

2
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perfect inelastic

0

3
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relatively inelastic

<1

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unit elastic

1

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relatively elastic

>1

6
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perfect elastic

infinity

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on a graph elastic demand is….

on the top

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on a graph unit elastic is…

on the curve

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on a graph inelastic demand is…

on the bottom

10
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Cross- Price elasticity of demand

measures how a price change in one product affects the quantity demand of another

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formula for finding elastic of demand

Ed= % change in quantity demand over % change in price

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formula for calculating a precent change

% change in P or Qd= change in P or Qd over initial P or Qd

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formula for cross- price elasticity of demand

CPED= % delatH quantity demand of product X over % deltaH price of product Y