Week 6 - Custom Scholars
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Week 6

question
Price Elasticity of Demand
answer
measures how responsive buyers are to price changes
question
Price Elasticity of Demand Equation
answer
% change in quantity demanded / % change in price
question
Elastic Demand
answer
whenever the absolute value of the percent change in quantity demanded is larger than the absolute value of the percent change in price
question
Inelastic Demand
answer
whenever the absolute value of the percent change in quantity demanded is smaller than the absolute value of the percent change in price
question
Elastic
answer
describes demand that is very sensitive to a change in price
question
Inelastic
answer
describes demand that is not very sensitive to price changes
question
Perfectly Elastic
answer
when the demand curve is completely horizontal
question
Perfectly Inelastic
answer
when the demand curve is completely vertical
question
Price Elasticity of Demand is Greater when
answer

1. There are more competing products

2. For specific brands rather than broad categories

3. For things that aren't necessities

4. When consumers search more

5. When there's more time to adjust

question
The availability of substitutes
answer
determines the price elasticity of demand
question
Total Revenue
answer
the total amount you receive from buyers
question
Total Revenue Equation
answer
Total Revenue = Price x Quantity
question
Cross-Price Elasticity of Demand
answer
measures how responsive the quantity demanded of one good is to price changes of another
question
Cross-Price Elasticity of Demand Equation
answer
% change in quantity demanded / % change in price of another good
question
The cross-price elasticity of demand is positive for
answer
substitutes
question
The cross-price elasticity of demand is negative for
answer
complements
question
Income Elasticity of Demand
answer
measures how responsive your demand for a good is to changes in your income
question
Income Elasticity of Demand Equation
answer
% change in quantity demanded / % change in income
question
The income elasticity of demand is positive for
answer
normal goods
question
The income elasticity of demand is negative for
answer
inferior goods
question
Price Elasticity of Demand is always
answer
negative
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question
Price Elasticity of Demand
answer
measures how responsive buyers are to price changes
question
Price Elasticity of Demand Equation
answer
% change in quantity demanded / % change in price
question
Elastic Demand
answer
whenever the absolute value of the percent change in quantity demanded is larger than the absolute value of the percent change in price
question
Inelastic Demand
answer
whenever the absolute value of the percent change in quantity demanded is smaller than the absolute value of the percent change in price
question
Elastic
answer
describes demand that is very sensitive to a change in price
question
Inelastic
answer
describes demand that is not very sensitive to price changes
question
Perfectly Elastic
answer
when the demand curve is completely horizontal
question
Perfectly Inelastic
answer
when the demand curve is completely vertical
question
Price Elasticity of Demand is Greater when
answer

1. There are more competing products

2. For specific brands rather than broad categories

3. For things that aren't necessities

4. When consumers search more

5. When there's more time to adjust

question
The availability of substitutes
answer
determines the price elasticity of demand
question
Total Revenue
answer
the total amount you receive from buyers
question
Total Revenue Equation
answer
Total Revenue = Price x Quantity
question
Cross-Price Elasticity of Demand
answer
measures how responsive the quantity demanded of one good is to price changes of another
question
Cross-Price Elasticity of Demand Equation
answer
% change in quantity demanded / % change in price of another good
question
The cross-price elasticity of demand is positive for
answer
substitutes
question
The cross-price elasticity of demand is negative for
answer
complements
question
Income Elasticity of Demand
answer
measures how responsive your demand for a good is to changes in your income
question
Income Elasticity of Demand Equation
answer
% change in quantity demanded / % change in income
question
The income elasticity of demand is positive for
answer
normal goods
question
The income elasticity of demand is negative for
answer
inferior goods
question
Price Elasticity of Demand is always
answer
negative

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