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Economics MICRO > elasticities > Flashcards

elasticities Flashcards

1
Q

Price elasticity of demand

A

The responsiveness of the quantum demanded to a change in the price of the product

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2
Q

Income elasticity of demand

A

The responsiveness of demand to a change of income

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3
Q

Cross elasticity of demand

A

The responsiveness of demand for one product in relation to a change in the price of another product

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4
Q

Price elasticity of supply

A

The responsiveness of the quantity supplies to a change in the price of the product

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Economics MICRO (5 decks)

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