Podcast
Questions and Answers
Because all of the combinations of goods represented by the points are equally desirable, the consumer would be indifferent to the combination actually ______.
Because all of the combinations of goods represented by the points are equally desirable, the consumer would be indifferent to the combination actually ______.
received
An ______ curve is always constructed on the assumption that, other things being equal, certain factors remain constant.
An ______ curve is always constructed on the assumption that, other things being equal, certain factors remain constant.
indifference
[Blank], a measure of the responsiveness of one economic variable to another.
[Blank], a measure of the responsiveness of one economic variable to another.
Elasticity
A variable y is ______ with respect to another variable x if y is very responsive to changes in x;
A variable y is ______ with respect to another variable x if y is very responsive to changes in x;
In algebraic form, ______ (E) is defined as E = %Δy/%Δx.
In algebraic form, ______ (E) is defined as E = %Δy/%Δx.
Y is ______ with respect to x if E is greater than 1;
Y is ______ with respect to x if E is greater than 1;
Y is ______ with respect to x if E is less than 1;
Y is ______ with respect to x if E is less than 1;
[Blank] is a very important concept in economics.
[Blank] is a very important concept in economics.
Several types of ______ that are frequently used to describe well-known economic variables have acquired their own special names over time.
Several types of ______ that are frequently used to describe well-known economic variables have acquired their own special names over time.
Elasticity is calculated as the ratio of the percentage change in the quantity of y to the percentage change in the quantity of ______.
Elasticity is calculated as the ratio of the percentage change in the quantity of y to the percentage change in the quantity of ______.
