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11 Cards in this Set

  • Front
  • Back
price elasticity of demand
amount demand changes relative to change in price
elastic demand
price of elasticity > 1. change in price of 1% causes a > 1% change in demand
unit elasticity of demand
change in price is exactly equal to change in demand
inelastic demand
change in price causes a smaller change in demand
perfectly inelastic demand
no matter the price, the demand remains the same
perfectly elastic demand
a slight increase in price will zero out demand
cross price elasticity of demand
percentage change in demand of one good versus the percentage change in price of another good.
income elasticity of demand
as people get more income, it might change the amount they consumer
price elasticity of supply
quantity supplied compared to a change in price
perfectly elastic supply
decrease in price reduces quatity to zero
perfectly inelastic supply
quantity remains the same no matter what price