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Economics ch 17

Principles of Economics ch 17

QuestionAnswer
Elasticity A measure of the responsiveness of one variable to change in another variable.
Price Elasticity of Demand (Ed) Measures the relative sizes of the changes in quantity demanded and price.
Ed = Percentage Change in Quantity Demanded / Percentage Change in Price
If Ed I'd greater than one: Demand is elastic.
If Ed is less than one: Demand is inelastic.
If Ed equals one: Demand is unitary elastic.
Total Revenue = Price x Quantity
If demand is elastic: Price and total revenue are inversely related.
If demand is inelastic: Price and total revenue are directly related.
If demand is unitary elastic: A change in price does not change total revenue.
The determinants of Price Elasticity of Demand include: The number of substitutes for the good, the percentage of a person's budget spent on the good, nature of the good (luxury versus necessity), and time consumers have to respond.
Income Elasticity of Demand (Ey) Measures the responsiveness of demand to a change in income.
Ey = Percentage of Change in Quantity Demanded / Percentage of Change in Income
Cross Elasticity of Demand (Ec) Measures the responsiveness of demand for one good to a change in price for another good.
Ec = % Change in Quantity Demanded Good X / % Change in Price. Good Y.
Price Elasticity of Supply ( Es) Measures the relative sizes of the changes in quantity supplied.
Es = Percentage Change in Quantity Supplied / Percentage Change in Price.
The Burden of Tax Those who actually feel the impact of a tax.
Created by: dengler
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