28 Questions
Formula of Price Elasticity of Demand
Formula price elasticity of demand. the midpoint method
price elasticity is greater than 1
price elasticity of demand is less than 1
price elasticity of demand is equal to 1
the amount paid by buyers and received by sellers of a good
formula of total revenue
when demand is inelastic, price and total revenue moves in
when demand is elastic, the price and total revenue moves in
a measure of how much the quantity demanded responds to the change in consumer's income
formula of income elasticity of demand
inferior goods
complement goods
a measure to which demand for a good changes when price of substitute or complement goods changes
formula of cross price elasticity of demand
substitute goods (positive)
complement goods (negative)
a measure of how much the quantity supplied of goods respond to change in price
formula of price elasticity of supply
give the 5 determinants or factors of price elasticity of supply
production time and inventory of goods
excess capacity
time period
time is divided in
definition of good
mobility of resources
perfectly elastic of supply
perfectly inelastic of supply
Test your knowledge of the price elasticity of demand with this quiz! Determine if the midpoint method price elasticity is greater than 1, less than 1, or equal to 1. Assess your understanding of the concept related to the amount paid by buyers and received by sellers of a good.
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