Term
Price Elasticity of Demand 

Definition
The responsiveness of the quantity demanded to a change in price, measured by dividing the percentage change in the quantity demanded of a product by the percentage change in the product's price. 


Term
Price Elasticity of Demand (midpoint formula) 

Definition
((Q2Q1)/((Q1+Q2)/2))/((P2P1)/((P1+P2)/2)) 


Term

Definition
abs val is greater than one. 


Term

Definition
abs val is less than one. 


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Definition


Term

Definition


Term
Perfectly Inelastic Demand 

Definition


Term

Definition
The total amount of funds recieved by a seller of a good or service, calculated by multiplying price per unit by the number of units sold. 


Term
CrossPrice Elasticity of Demand 

Definition
The percentage change in quantity demanded of one good divided by the percentage change in the price of another good. 


Term
Income Elasticity of Demand 

Definition
A measure of the responsiveness of quantity demanded to changes in income, measured by the percentage change in quantity demanded divided by the percentage change in income. 


Term
Price Elasticity of Supply 

Definition
The responsiveness of the quantity supplied to a change in price, measured by dividing the percentage change in the quantity supplied of a product by the percentage change in the product's price. 

