Econ Chapter 5 - Custom Scholars
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Econ Chapter 5

question
Elasticity
answer
Elasticity quantifies how sensitive one variable is to a change in a second.
question
price elasticity of demand
answer
The ratio of the percentage change in quantity demanded to the percentage change in price; measures the responsiveness of quantity demanded to changes in price.
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perfectly inelastic demand
answer
demand in which quantity demanded does not respond at all to a change in price
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perfectly elastic demand
answer
demand in which quantity drops to zero at the slightest increase in price
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elastic demand
answer
A demand relationship in which the percentage change in quantity demanded is larger than the percentage change in price in absolute value (a demand elasticity with an absolute value greater than 1).
question
inelastic demand
answer
Demand that responds somewhat, but not a great deal, to changes in price. Inelastic demand always has a numerical value between zero and 1.
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unitary elasticity
answer
A demand relationship in which the percentage change in quantity of a product demanded is the same as the percentage change in price in absolute value (a demand elasticity with an absolute value of 1).
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midpoint formula
answer
A more precise way of calculating percentages using the value halfway between P1 and P2 for the base in calculating the percentage change in price and the value halfway between Q1 and Q2 as the base for calculating the percentage change in quantity demanded.
question
point elasticity
answer
A measure of elasticity that uses the slope measurement.
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Income elasticity of demand
answer
which measures the responsiveness of quantity demanded to changes in income, is defined as
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cross-price elasticity of demand
answer
A measure of the response of the quantity of one good demanded to a change in the price of another good.
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elasticity of supply
answer
A measure of the response of quantity of a good supplied to a change in price of that good. Likely to be positive in output markets.
question
elasticity of labor supply
answer
A measure of the response of labor supplied to a change in the price of labor.
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Excise tax
answer
A per unit tax on a specific good.
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question
Elasticity
answer
Elasticity quantifies how sensitive one variable is to a change in a second.
question
price elasticity of demand
answer
The ratio of the percentage change in quantity demanded to the percentage change in price; measures the responsiveness of quantity demanded to changes in price.
question
perfectly inelastic demand
answer
demand in which quantity demanded does not respond at all to a change in price
question
perfectly elastic demand
answer
demand in which quantity drops to zero at the slightest increase in price
question
elastic demand
answer
A demand relationship in which the percentage change in quantity demanded is larger than the percentage change in price in absolute value (a demand elasticity with an absolute value greater than 1).
question
inelastic demand
answer
Demand that responds somewhat, but not a great deal, to changes in price. Inelastic demand always has a numerical value between zero and 1.
question
unitary elasticity
answer
A demand relationship in which the percentage change in quantity of a product demanded is the same as the percentage change in price in absolute value (a demand elasticity with an absolute value of 1).
question
midpoint formula
answer
A more precise way of calculating percentages using the value halfway between P1 and P2 for the base in calculating the percentage change in price and the value halfway between Q1 and Q2 as the base for calculating the percentage change in quantity demanded.
question
point elasticity
answer
A measure of elasticity that uses the slope measurement.
question
Income elasticity of demand
answer
which measures the responsiveness of quantity demanded to changes in income, is defined as
question
cross-price elasticity of demand
answer
A measure of the response of the quantity of one good demanded to a change in the price of another good.
question
elasticity of supply
answer
A measure of the response of quantity of a good supplied to a change in price of that good. Likely to be positive in output markets.
question
elasticity of labor supply
answer
A measure of the response of labor supplied to a change in the price of labor.
question
Excise tax
answer
A per unit tax on a specific good.
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