Econ ch2 vocab pt2 - Custom Scholars
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# Econ ch2 vocab pt2

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subsidy
Payment made by the government to reduce market price
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Elasticity
A numerical measure of responsiveness of one variable following a change in another variable, ceteris paribus
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elastic
Where the relative change in demand or supply is greater than the change in price
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Inelastic
Where the relative change in demand or supply is less than the change in price
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price elasticity of demand
A numerical measure of the responsiveness of the quantity demanded to a change in price of a product
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perfectly inelastic
Where a change in price has no effect on the quantity demanded
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Perfectly elastic
Where all that is produced is sold at a given price
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unit elasticity
Where the change in price is relatively the same as the change in quantity demanded giving a numerical value of 1
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income elasticity of demand
A numerical measure of the responsiveness of the quantity demanded following a change in income
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cross elasticity of demand
A numerical measure of the responsiveness of the quantity demanded for one product following a change in the price of another related product
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question
subsidy
Payment made by the government to reduce market price
question
Elasticity
A numerical measure of responsiveness of one variable following a change in another variable, ceteris paribus
question
elastic
Where the relative change in demand or supply is greater than the change in price
question
Inelastic
Where the relative change in demand or supply is less than the change in price
question
price elasticity of demand
A numerical measure of the responsiveness of the quantity demanded to a change in price of a product
question
perfectly inelastic
Where a change in price has no effect on the quantity demanded
question
Perfectly elastic
Where all that is produced is sold at a given price
question
unit elasticity
Where the change in price is relatively the same as the change in quantity demanded giving a numerical value of 1
question
income elasticity of demand
A numerical measure of the responsiveness of the quantity demanded following a change in income
question
cross elasticity of demand
A numerical measure of the responsiveness of the quantity demanded for one product following a change in the price of another related product

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