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### 16 Cards in this Set

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 Define Price Elasticiy of Demand. measures how much the quantity changes when its price changes What is the equation for Price Elasticity of Demand? %change in quantity demanded _____________________________ % change in price What is the equation for Tottal revenue? Price * Quantity = TR If E is greater than one that price is....? Elastic If price is Elastic quantity is....? moving more quickly than price & increases revnues If E is less than one price is...? inelastic If price is inelastic then quantity is...? moving slower than price and there is a decrease of revenue If E is equal to one then price is...? perfectly elastic If price is perfectly elastic then...? It is a straight line on a linear demand curve the mid point is...? unitary elastic On a linear demand curve any point above the mid-point is...? elastic On a linear demand curve any point below the mid-point is...? inelastic E>1 P X Q = TR ↑ ↓ ↓ ↓ ↑ ↑ E<1 P X Q = TR ↑ ↓ ↑ ↓ ↑ ↓ E=1 P X Q = TR ↑ ↓ - ↓ ↑ - Which factors have an influence on Elasticity? More elastic Less elastic more substitutes less subs. luxury necessity more time short time