AP Micro Unit 2
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Last updated 1:57 PM on 10/15/26
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9 Terms
1
New cards
Price elasticity < 1
Inelastic
2
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Price elasticity > 1
elastic
3
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Cross price elasticity equation
% Change in Qd of Good X / % change in P of Good Y
4
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Positive cross price elasticity
Substitutes
5
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Negative cross price elasticity
Complements
6
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Cross price elasticity is 0
Unrelated
7
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Income elasticity equation
% Change in Qd / % Change in income
8
New cards
Positive income elasticity
Normal good
9
New cards
negative income elasticity
inferior good