Studied by 2 peopleTime horizons
________ have less of elastic demand than goods.
denominator
The ________ is the percentage change in price when using the midpoint method.
numerator
The ________ is the percentage change in quantity when using the midpoint method.
Slope
________: ratio of changes in the two variables; Elasticity: ratio of percentage changes in the two variables.
Total revenue
________ is often used when studying the changes in supply or demand in markets.
Goods
________ with close substitutes are often more elastic in demand.
percentage change
The ________ in price is positive, while the ________ in the demanded quantity is negative.
midpoint method
The ________ helps to better calculate elasticities.
Elasticity
________: a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants.
Demand
________ is often elastic if the ________ in quantity substantially changes in the price.
Price elasticity of supply
________= percentage change in quantity supplied /percentage change in price.
unit elasticity
A(n) ________ is when the elasticity is exactly one and the percentage change in quantity is equal to the percentage change in price.
Total revenue
________: the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold.
Note
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