Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Microeconomics > Elasticity summary > Flashcards

Elasticity summary Flashcards

1
Q

What determines PED?

A
  1. Number and closeness of substitutes
  2. Necessity of the product, how widely it’s defined
  3. Time period considered
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What determines PES

A
  1. How much costs rise as output is raised
    - Existence of unused capacity
    - Mobility of factors of production
How well did you know this?
1
Not at all
2
3
4
5
Perfectly

Microeconomics (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions