Flashcards
Supply and Demand
Cards in this deck (14)
- 1Diagonally upwards graphSupply graph
- 2Diagonally downwards graphDemand graph
- 3PED will always be ...a negative number
- 4PES will always be ...a positive number
- 5If PED or PES >1 then elasicity will be ...elastic
(ignoring the signs) - 6If PED or PES <1 then elasticity will be...inelastic
(ignoring the signs) - 7Demand curve moves to the rightincrease in demand
- 8Demand curve moves to the leftdecrease in demand
- 9Supply curve moves to the rightincrease in supply
- 10Supply curve moves to the leftdecrease in supply
- 11Price increase = total revenue increse or Price decrease = total revenue decreseInelastic
- 12Price increase = total revenue decrease or Price decrease = total revenue increaseElastic
- 13Price increase or decrease = the same total revenue (no change)Unitary
- 14... occurs when there is a balance between demand and supplyEquilibrium price
Information
- Description
- Supply and Demand graphs and PED and PES
- Created by
- Delia Ghita
- Views
- 13
- Tags
- Rating