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economics definitions
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- 1Elasticity is the measure of the responsiveness of the quantity demanded of a good to a change in price, when all other influences remain the same.Define Elasticity
- 2Price elasticity of demand = Percentage change in quantity demanded (divided by) Percentage change in priceHow to calculate Price Elasticity of Demand
- 31.The closeness of substitutes. 2. The proportion of income spent on the good. 3. The time elapsed since the price change.Factors that INFLUENCE elasticity of demand
- 4Elasticity is a units-free measure because the percentage change in each variable is independent of the units in which the variable is measured. The ratio of the two percentages is a # w/o units.Units free measure
- 5Is a method of estimating the price elasticity of demand by observing the change in total revenue that results from a change in the price, when all other influences on quantity sold remain the same.Total Revenue Test
- 6The cross elasticity of demand is a measure of the responsiveness of the demand for a good to a change in the price of a substitute or complement, other things remain the same.Define Cross elasticity
- 7Cross elasticity of demand = Percentage change in quantity demanded (divided by) Percentage change in price of a substitute or complimentHow to calculate
Cross Elasticity of Demand - 8Is a measure of the responsiveness of the demand for a good or service to a change in income, other things remaining the same.Income elasticity of Demand
- 9Income elasticity = Percentage change in quantity demanded (divided by) Percentage change in incomeHow to calculate Income elasticity
- 10Measures the responsiveness of the quantity supplied to the change in price of a good, when all other influences on selling plans remain the same.Elasticity of Supply
- 11Elasticity of Supply = Percentage change in quantity supplied (divided by) Percentage change in priceCalculate
Elasticity of Supply - 12Momentary supply refers to the response of the quantity supplied to a price change at the instant that the price changes.Momentary supply
- 13Short-run supply refers to the response of the quantity supplied to a price change after some of the technologically feasible adjustments in production have been made.Short-run Supply
- 14Long-run supply refers to the response of the quantity supplied to a price change when all the technologically feasible adjustments in production have been made.Long-run supply
- 15* Because resources are scarce, some mechanism must allocate them. * The alternative allocation methods are market price; command; majority rule; contest; first-come, first-served; lottery; personal characteristics; and force.Resource allocation methods
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