Flashcards
Elasticities
Cards in this deck (8)
- 1definition: PEDthe responsiveness of the quantity demended to a change of the product
- 2definition: XEDresponsiveness of demand for product x to a change in price of product y
- 3definition: YEDthe respobsiveness of demand to a change in income
- 4definition: PESthe responsiveness of quntity supplied to a change in price of the product
- 5PED equation% change QD
% change P - 6XED equation% change QD product A
% change P product B - 7YED equation% change QD
% change I - 8PES equation% change QS
% change P