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Economics > Elasticity > Flashcards

Elasticity Flashcards

1
Q

YED =

A

%Change in Q / %Change in Income

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2
Q

YED is…

A

The responsiveness of demand to a Change in Income

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3
Q

If YED is positive 0-1
If YED is positive +1
If YED is negative

A

Normal good - necessity (inelastic)
Normal good - luxury (elastic)
Inferior good

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4
Q

PED =

A

%Change in Demand / %Change in Price

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5
Q

PED is…

A

The responsiveness of Demand to a change in Price

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6
Q

PED is 0 – -1
PED is >-1

A

Inelastic
Elastic

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7
Q

Factors influencing PED

A

Brand loyalty
Habit
Type of good
Time
Availability of Subs

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8
Q

XED =

A

%Change in Demand of A / %Change in Price of B

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9
Q

XED is

A

The responsiveness of Demand of A to a change in Price if B

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10
Q

XED is 0-1
XED is +1
XED is 0 - -1
XED <-1

A

Weak Substitute
Strong Substitute
Weak complimentary good
Strong complimentary good

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11
Q

PES =

A

%Change in Supply / %Change in Price

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12
Q

PES is

A

The responsiveness of Supply to a change in Price

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Economics (3 decks)

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