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4-3 vocabulary jw

QuestionAnswer
A measure of how responsive consumers are to price change. Elasticity of demand
Demand is "elastic" if quantity demanded changes significantly. Elastic (demand)
Demand is "inelastic" if quantity demanded changes little as price changes. Inelastic (demand)
Demand is unit elastic when the percentage change inprice and quantity demanded are the same. Unit elastic (demand)
A company's income from selling its products. Total revenue
A method of measuring elasticity by comparing total revenues. Total revenue test
What factors determine elasticity? Substitute Goods or Services Proportion of Income necessitites versus Luxuries
Created by: joannw15
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