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Microeconomics > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

The measure of the responsiveness of quantity demanded to a change in price

A

Price elasticity of demand

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2
Q

When the percentage change in quantity demanded is greater than the percentage change in price (E0 > 1)

A

Elastic

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3
Q

When the percentage change in quantity demanded is less than the percentage change in price (E0

A

Inelastic

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4
Q

Demand with a price elasticity of 1; the percentage change in quantity demanded is equal to the percentage change in price

A

Unit elastic demand

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5
Q

The amount sellers receive for a good or service, calculated as the product price times the quantity sold

A

Total revenue

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6
Q

The measure of the impact that a price change of one good will have on the demand of another good

A

Cross-price elasticity of demand

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7
Q

The percentage change in demand divided by the percentage change in consumer income

A

Income elasticity of demand

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8
Q

The measure of the sensitivity of the quantity supplied to changes in price of a good

A

Price elasticity of supply

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Microeconomics (12 decks)

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