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6 Cards in this Set
- Front
- Back
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Elasticity
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a measure of the responsiveness of quantity supplied and quantity demanded or quantity supplied to one of its determinants
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Price Elasticity of Demand
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a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed ad the % change in quantity demanded divided by the % change in price
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Total Revenue
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the amount paid by buyers and received by sellers of a good, computed as the price of the good time the quantity sold
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Income Elasticity of Demand
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a measure of how much the quantity demanded of a good responds to a change in consumers' income, computed as the % change in quantity demanded divided by the % change in income
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Cross-Price Elasticity of Demand
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a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed ad the % change in quantity demanded of the first good divided by the % change in the price of the second good
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Price Elasticity of Supply
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a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the % change in quantity supplied divided by the % change in price
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