Microeconomics

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25 Terms

1
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Ppf

As goods increase opp cost increase

2
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Income

Positive relation demand

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Tastes

Positive relation demand

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Price of subisitute

Positive relation demand

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Price of expectation of buyers

Positive relation demand

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Price of complement

Negative relation of demand

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Resource cost

Negative relation for supply

8
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Technology

Positive relation for supply

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Price expectation of sellers

Negative relation for supply

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Relatively elastic

Greater than one, flatter

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Relatively inelastic

Less than 1 steeper

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Property of inelastic

Small q big p

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Property of elastic

Big q little p

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Lots of substitutes

Elastic

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Little substitutes

Inelastic

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very expensive

Elastic

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Long run

Elastic

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Short run

Inelastic

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Inexpensive

Inelastic

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Luxury

Greater than 1

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Necessity

Less than 1

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Complaint

Negative cross price

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Substitute

Positive cross price

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Taxes

The more inelastic one pays taxes

25
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L

L