Chapter 3: Quantitative Demand Analysis - Custom Scholars
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# Chapter 3: Quantitative Demand Analysis

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Elasticity
A measure of the responsiveness of one variable to changes in another variable.
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Own Price Elasticity
A measure of the responsiveness of the quantity demanded of a good to a change in the price of that good.
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Elastic Demand
Absolute value of the own price elasticity is > 1
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Inelastic Demand
Absolute value of the own price elasticity is < 1
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Unitary Elastic Demand
Absolute value of the own price elasticity is = 1
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Perfectly elastic Demand
The own price elasticity is infinite in absolute value. Demand curve is horizontal.
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Perfectly Inelastic Demand
The own price elasticity is zero. Demand curve is vertical.
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Cross-Price Elasticity
A measure of the responsiveness of the demand for a good to changes in the price of a related good.
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Income Elasticity
A measure of the responsiveness of the demand for a good to changes in customer income.
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question
Elasticity
A measure of the responsiveness of one variable to changes in another variable.
question
Own Price Elasticity
A measure of the responsiveness of the quantity demanded of a good to a change in the price of that good.
question
Elastic Demand
Absolute value of the own price elasticity is > 1
question
Inelastic Demand
Absolute value of the own price elasticity is < 1
question
Unitary Elastic Demand
Absolute value of the own price elasticity is = 1
question
Perfectly elastic Demand
The own price elasticity is infinite in absolute value. Demand curve is horizontal.
question
Perfectly Inelastic Demand
The own price elasticity is zero. Demand curve is vertical.
question
Cross-Price Elasticity
A measure of the responsiveness of the demand for a good to changes in the price of a related good.
question
Income Elasticity
A measure of the responsiveness of the demand for a good to changes in customer income.

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