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VOCAB Chapter 5

Elasticity and Its Application

TermDefinition
Elasticity A measure of the responsiveness of the quantity demanded or quantity supplied to one of its determinants.
Price elasticity of demand A measure of how much the quantity demanded of a good responds to a change in the price of that good.
Elastic When the quantity demanded or supplied responds substancially to a change in one of its determinants.
Inelastic When the quantity demanded or supplied responds only slightly to a change in one of its determinants.
Total revenue The amount paid by buyers and received by sellers of a good computed as P x Q
Income elasticity of demand A measure of how much the quantity demanded of a good responds to a change in consumers' income.
Cross-price elasticity of demand A measure of how much the quantity demanded of one good responds to a change in the price of another good.
Price elasticity of supply A measure of how much the quantity supplied of a good responds to a change in the price of that good.
Normal good A good characterized by a positive income elasticity.
Inferior good A good characterized by a negative income elasticity.
Created by: jessjeanarnold
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