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Term

Cross elasticity of demand
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Inferior good
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Elasticity

Chapter 9

TermDefinition
Cross elasticity of demand The responsiveness of the demand for one good to a change in the price of another good.
Inferior good A good with a negative income effect. Less of it will be bought as income rises.
Income elasticity of demand The responsiveness of demand for a good to changes in income.
Luxury good A normal good on which a greater proportion of income is spent as income rises (YET>1)
Normal good A good with a positive income effect. More of it will be bought as income rises.
Perfectly elastic demand A good is said to have a perfectly elastic demand if a small increase in price will cause demand to fall to zero.
Perfectly inelastic demand A good is said to have a perfectly inelastic demand if a change in its price will cause no change in quantity demanded.
Price elasticity of demand The responsiveness of quantity demanded of a good to a change in the price of that good.
Price elasticity of supply The responsiveness of the supply of a good to changes in its own price.
Relatively elastic demand A good is said to have a relatively elastic demand if the proportionate change in the quantity demanded is greater than the proportionate change in price.
Relatively inelastic demand A good is said to have a relatively inelastic demand when the proportionate change in quantity demanded is less than the proportionate change in price.
Unit elasticity of demand A good is said to have unit elasticity of demand if the proportionate change in quantity demanded is equal to the proportionate change in price.
Created by: jmartineconomics
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