correlation co efficients Flashcards
1
Q
Cross-Price Elasticity of Demand (A to B) equation?
A
(% Change in Quantity
Demanded of A) / (% Change in Price of B)
2
Q
PED>1
A
price elastic
3
Q
PED<1
A
price inelastic
4
Q
PED=0
A
perfectly price inelastic
5
Q
PED=1
A
unitary elasticity
6
Q
PES>1
A
price elastic
7
Q
PES<1
A
price inelastic
8
Q
PES=0
A
perfectly price elastic
9
Q
PES=1
A
unitary elastic
10
Q
XED<1
A
weak cross price inelasticity
11
Q
XED>1
A
strong cross price elasticity
12
Q
XED +
A
substitute goods
13
Q
XED -
A
complimentary goods
14
Q
YED -
A
inferior goods
15
Q
YED +
A
normal goods
