Elasticity Flashcards (F25)

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Elasticity (definition)

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measure of responsiveness of one variable to changes in another

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Price Elasticity of Demand (PED)

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responsiveness of quantity demanded to a change in price

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Price Elasticity of Supply (PES)

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responsiveness of quantity supplied to a change in price

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Income Elasticity of Demand (YED)

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responsiveness of demand to a change in income

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Cross Elasticity of Demand (XED)

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responsiveness of demand for one good to a change in price of another good

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Elastic Demand

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Inelastic Demand

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Unitary Elasticity

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Perfectly Elastic Demand

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Perfectly Inelastic Demand

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