Microeconomics
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25 Terms
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
L
L
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