Karteikarten
Elasticity
Karten in diesem Stapel (29)
- 1PED% Change in Qd / % Change in P
- 2PED is always negative because...the demand curve slopes downwards
- 3PED < -1Elastic
- 40>PED>-1Inelastic
- 5PED is affected byWidth of Market
Type of Good
Time
Number of Substitutes
Habit Forming
% of Income - 6If PED is elastic, a increase in Total Revenue requires....a decrease in Price
- 7If PED is inelastic then to increase Total Revenue,....Price should be increased
- 8YED =% change in Qd / % Change in Income
- 9YED>0Inferior Good
- 100Normal Basic Good
- 111Normal Luxury Good
- 12XED=% Change Qd of x / % Change P of y
- 13Further from 0, the ....XED isstronger
- 14XED> 0Substitute
- 15XED < 0Complementary
- 16PES =& Change in Qs / % Change in P
- 170 < PES < 1Inelastic Supply
- 181 < PESElastic Supply
- 19PES is affected by....Ease of entry
Spare Capacity
Time
Stocks
Perishability - 20Consumer Surplus touches the ....demand curve
- 21Producer Surplus touches the....supply curve
- 22Indirect Taxation is imposed on producers by Government to....raise revenue
change behaviour - 23Indirect Taxes shifts supply curve to theleft
- 24Specific Taxation is...a constant amount
- 25AdValorem Taxes are a ...% of the price
- 26More Inelastic Demand/Supply =Higher Tax for consumers
- 27SubsidiesPayment from Government to Firms
to provide a particular good or service moving supply to the right - 28Inelastic DemandChange in Price > Change in Quantity
- 29Inelastic Supply =Bigger Changes than elastic supply
Informationen
- Beschreibung
- A Level Economics (Microeconomics) Karteikarten am Elasticity, erstellt von Andrew Stonehouse am 07/12/2017.
- Erstellt von
- Andrew Stonehouse
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