Econ 1 Midterm 2
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Last updated 2:07 AM on 2/17/23
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13 Terms
1
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price elasticity of demand
% change in q demanded/ % change in price
2
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inelastic
more upward, #<1
3
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perfectly inelastic
\#= 0, vertical
4
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elastic
more horizontal, #>1
5
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perfectly elastic
horizontal, #=1
6
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normal good
\# is positive, elastic or inelastic is same concept
7
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inferior good
\# is negative, elastic or inelastic is same concept
8
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cross price elasticity of demand
% change in q of one good/ % change in price of another good
9
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substitute
cross p elasticity is pos.
10
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compliment
cross p elasticity is neg.
11
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price floor
price can not go lower than set amount
12
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price ceiling
price can not go higher than amount
13
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midpoint formula
change in q or p / (old + new)