Microeconomics

Ppf

As goods increase opp cost increase

Income

Positive relation demand

Tastes

Positive relation demand

Price of subisitute

Positive relation demand

Price of expectation of buyers

Positive relation demand

Price of complement

Negative relation of demand

Resource cost

Negative relation for supply

Technology

Positive relation for supply

Price expectation of sellers

Negative relation for supply

Relatively elastic

Greater than one, flatter

Relatively inelastic

Less than 1 steeper

Property of inelastic

Small q big p

Property of elastic

Big q little p

Lots of substitutes

Elastic

Little substitutes

Inelastic

very expensive

Elastic

Long run

Elastic

Short run

Inelastic

Inexpensive

Inelastic

Luxury

Greater than 1

Necessity

Less than 1

Complaint

Negative cross price

Substitute

Positive cross price

Taxes

The more inelastic one pays taxes

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