Chapter 6 Microeconomics - Custom Scholars
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Chapter 6 Microeconomics

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Elasticity
answer
A measure of how much one economic variable responds to changes in another economic variable.
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Price elasticity of demand
answer
The responsiveness of the quantity demanded to a change in price, measured by dividing the percentage change in the quantity demanded of a product by the percentage change in the product's price
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Elastic graph
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The demand curve with the smaller slope (in absolute value)- the flatter demand curve is more elastic
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Inelastic graph
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The demand curve with the larger slope (in absolute value)- the steeper demand- is less elastic
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Perfectly inelastic demand
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The case where the quantity demanded is completely unresponsive to price and the price elasticity of demand equals zero
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Perfectly elastic demand
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The case where the quantity demanded is infinitely responsive to price and the price elasticity of demand equals infinity
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Total revenue
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The total amount of funds a seller receives from selling a good or service, calculated by multiplying price per unit by the number of units sold
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question
Elasticity
answer
A measure of how much one economic variable responds to changes in another economic variable.
question
Price elasticity of demand
answer
The responsiveness of the quantity demanded to a change in price, measured by dividing the percentage change in the quantity demanded of a product by the percentage change in the product's price
question
Elastic graph
answer
The demand curve with the smaller slope (in absolute value)- the flatter demand curve is more elastic
question
Inelastic graph
answer
The demand curve with the larger slope (in absolute value)- the steeper demand- is less elastic
question
Perfectly inelastic demand
answer
The case where the quantity demanded is completely unresponsive to price and the price elasticity of demand equals zero
question
Perfectly elastic demand
answer
The case where the quantity demanded is infinitely responsive to price and the price elasticity of demand equals infinity
question
Total revenue
answer
The total amount of funds a seller receives from selling a good or service, calculated by multiplying price per unit by the number of units sold
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