Elasticity {6} Flashcards
1
Q
Define:
Elasticity?
A
A measure of the responsiveness of the quantitty demanded or supplied to a change in one of its determinants
2
Q
Define:
Price elasticity demand?
A
How much the quanitty demanded responds to a change in the price
3
Q
Define:
Total Revenue?
A
The amount paid by buyers and received by sellers of the good
(P X Q)
4
Q
Define:
Cross-price elasticity demand?
A
5
Q
Define:
Income elasticity demand?
A
6
Q
Define:
Price elasticity supply?
A
