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Details 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	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
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