Equil & Elasticity
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| show | If no interference in the market occurs(by the government or other agency), price will eventually settle at a level where quantity demanded equals quantity supplied. This position where there is no tendency for prices to change is called the Mkt Equil.
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| show | is a measure of responsiveness(sensitivity) of the quantity demanded of a good to a change in some variable.
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| Price Elasticity of Demand PED | show 🗑
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| Relatively Elastic | show 🗑
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| show | when any increase in the price of that good results in its quantity falling to zero.
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| show | when the %/proportionate change in the Qd of a good is equal to the %/proportionate change in the price of that good.
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| show | if the %/proportionate change in Qd of a good is LESS than the %/proportionate change in the price of that good.
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| show | if the %/proportionate change in the price of a good causes no change in the Qd of that good.
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| show | measures the %/proportionate change in the Qd for one good caused by the %/proportionate change in the price of another good.
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| Income Elasticity of Demand YED | show 🗑
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| Price Elasticity of Supply PES | show 🗑
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| Elastic Supply | show 🗑
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| Inelastic Supply | show 🗑
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| Perfectly Inelastic of Supply (Zero Elasticity of supply) | show 🗑
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