2. Flashcards

1
Q

what is a movement along the demand curve ?

A

takes place when a goods price changes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what are the conditions of demand (things that shift it left or right)

A
  1. substitute goods
    2.joint demand and complimentary goods
  2. personal income
    4.tatse and preferance
    5.population size
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

how to calculate PED (price elasicity of demand)

A

% change in q demanded /
% change in price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

how to calculate yed (income elasisity of demand

A

% change in q demanded /
%change of income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

how to calculate XED (cross elasity of demand)

A

%change in q of a demanded/
%change in q of b demanded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what are factors which may determine PED

A
  1. substitutes
  2. percentage of income
  3. nessesities v luxuries
    4.size of market
  4. time
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q
A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q
A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly