ECN 150 Elasticity
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19 Terms
elasticity of demand
how responsive quantity demanded is to a change in price
determinants of elasticity
substitutes, time, classification, necessity v. luxury, budget share
Ed is greater than 1
elastic
Ed is less than 1
inelastic
revenue
firm’s price per unit times quantity sold
inelastic curve with increase prices, revenue?
revenue increases
elastic curve with increase prices, revenue?
revenue decreases
more substitues
elastic
less substitutes
inelastic
more time
elastic
less time
inelastic
broad classification
inelastic
narrow classification
elastic
necessity
inelastic
luxury
elastic
more expensive items
elastic
cheaper items
inelastic
elasticity of supply
how responsive quantity supplied is to a change in price
determinats of supply elasticity
how fast per-unit costs rise, time, the industry’s share of its input markets and local v. global scope