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Title: Elasticity

Description: The response: change in quantity demanded caused by a change in price

Total Flash Cards: 5

Created: 11/04/2004 08:03:05

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Cards

Term
Price Elasticity of Demand
Definition
Ed= % change in Quantity Demanded divided by % change in price.x 100
Term
True or False, Price Elasticity is always Negative
Definition
true
Term
price-elastic demand
Definition
Price Elasticity is >1.. a 1% change in price causes a response greater than 1.
Term
Price-Inelastic Demand
Definition
a 1% change in price cases a response of less thand 1% change in quantity demand. <1
Term
Unit elastic
Definition
When the quantity demanded response to change in price equals 1. A 1% change in price causes a 1% change in quantitiy demanded



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