FINALS: MODULE 5

Question 1

a concept in economics that quantifies how responsive a variable is to a particular
change in another variable.

Answer 1

Elasticity

Question 2

(Two key terms)

reported as a
set of coefficients

Answer 2

Measure

Question 3

(Two key terms)

refers to a response to change

Answer 3

Responsiveness

Question 4

The responsiveness
of consumers and producers is measured by _______ or ________ in the
variables.

Answer 4

proportional measure / percentage change

Question 5

Types of Elasticity

Answer 5

Elastic
Inelastic
Unitary Elasticity
Perfectly Elastic
Perfectly Inelastic

Question 6

(Types of Elasticity)

Variable x has a percentage change that is higher than variable y. When the
elasticity coefficient is more than 1 (ε > 1), something is considered elastic.

Answer 6

Elastic

Question 7

Variable x has a percentage change that is higher than variable y. When the
elasticity coefficient is more than 1 (ε > 1), something is considered ______.

Answer 7

Elastic

Question 8

Variable x has a percentage change that is ___ than variable y. When the
elasticity coefficient is more than 1 (ε > 1), something is considered elastic.

Answer 8

Higher