Creado por mcparada
hace más de 8 años
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The ease of switching from one good to another
Why the high price for antiques?
Two unrelated goods
If two goods are substitutes, then the cross elasticity of demand will be
The midpoint formula for calculating elasticity _____ the 2 prices and the 2 elasticizes
The passage of _____ involved in making a decision is one determinant of the price elasticity of demand
The ______ elasticity of demand measures the degree to which consumers respond to a change in their earnings by buying more or less of a particular good
When consumers decrease their purchase of a good as their income rises, it is known as a(n) ________ good.
The price elasticity of demand for most farm products is relatively price
Main sources of gold price fluctuations
The formula for the cross elasticity of demand is written as: the % change in the qty demanded of one product _____ by the % change in the price of another product
If the qty supplied by producers is relatively insensitive to price changes, supply is
The _____ ______ of demand measures the responsiveness or sensitivity of consumers to a price change
The price elasticity of demand and _________ revenue are inversely related
The proportion of income allocated to a particular good or service is a determinant of:
Pick 2 inferior goods
*Bus tickets from LA to NY
*Steak
*Plane ticket from LA to NY
*hamburger
The change in qty, divided by the avg of qty 1 and wty 2, divided by the change in price divided by the avg of price 1 and price 2 is known as the ______ formula or approach for the price elasticity of demand
The % change in qty supplied divided by the % change in measures the price elasticity of _________
The % change in qty demanded divided by the % change in income is the formula for the:
The % change in qty demanded of good X divided by the % change in the price of product Y is known as the:
What is the term that indicates the total amt the seller receives from the sales of a product in a particular time period
A _________ good is one that is demanded more as income rises
Luxuries v. ______ is one of the determinants of the price elasticity of demand
How will the price elasticity of demand for a good that is considered to be a luxury compare to one that is a necessity
Which of the following are viable arguments against the legalization of illegal drugs
Digital camera and memory sticks are what type of goods
If the qty supplied by producers is relatively responsive to price changes, supply is relatively price
The price elasticity of demand is ______ when price and total revenue change in opposite directions
In the short run, plant size _____
Which of the following products are targeted by govt legislatures for increased excise taxes?
The _____ the negative cross elasticity coefficient, the greater is the complementary relationship between two goods
Product demand is generally more ______ when the time period under consideration is longer.
The formula for the income elasticity of demand is the % change in qty demanded _______ by the % change in consumer income.
How many products (goods/services) are considered when referring to the cross elasticity of demand formula.
Arguments against legalization of illegal drugs?
The price elasticity of demand for most farm products is relatively price ________
How is a buyer’s responsiveness to price changes measured?
What is the sign of the income elasticity coefficient if the good is a normal good?
Arguments in favor of legalizing illegal drugs
Because the physical availability of gold is limited and gold production is costly, the supply of gold is
The ____________ market period is the length of time over which producers are unable to respond to a change in price with a change in qty supplied
_____ in price when a product is relatively price elastic will lead to a decrease in total revenue
A relatively large percentage change in qty demanded divided by a relatively smaller change in price yields relatively price ______________ demand.
Demand is relatively price _______ when price and total revenue move in the same direction
Which of the following would be characteristics of goods with relatively elastic demand?
With a unit elastic demand, when prices changes, total revenue______
If the price elasticity of demand is inelastic, the qty demanded changes by_______ percentage than does price
As you move from higher to lower prices, the price elasticity of demand
When recessions occur in the economy, the ______ of demand help predict which products will rise or fall in demand
Demand is relatively price ____ if the percentage change in price leads to a larger percentage change in the qty demanded
The price elasticity coefficient of supply is ____ if greater than 1
Which of the following goods and services would most likely exhibit an inelastic price elasticity of demand coefficient
Which type of elasticity shows how responsive demand is to a change in earrings
How will the price elasticity of a product that is broadly defined compare with one that is narrowly defined?
The price elasticity of supply is more _______in the long run than in the short run
Why is the supply curve more elastic in the long run that in the short run
Which is true when demand is unit elastic?
*% chg in qty demanded is = to % chg in price
*% in qty demanded is > the % of chg in price
*The % qty demanded is < the % chg in price
When cross elasticity is _____ the goods are complementary
Which goods/services would most likely exhibit an inelastic price elasticity of demand coefficient?
*Beef, auto repairs, Medical care, milk, dining out
What type of demand is represented by a small chg in price that leads to a lg chg in qty demanded?
In the immediate market period, the _____ curve is vertical
Which of the following would most likely exhibit an inelastic price elasticity of demand coefficient?
Auto Repairs, Medical Care, Milk, Dinning Out , Beef
When an increase/decrease in prices does not change total revenue demand is ____ elastic
coca cola and new balance sneakers would have a cross elasticity coefficient of
When the price elasticity of demand is elastic, the % chg in qty demanded exceeds the % chg in price. What is the value of the elasticity coefficient?
the _____ formula is used for calculating the price elasticity of demand
price is most elastic in the ____ run
the price elasticity of demand is ______ when price and total revenue change in opposite directions
= to 1, < 1, 1>, < 0
a small % chg in qty demanded divided by a larger % change in price results in relatively price _______ demand
the cross price elasticity of demand measures
the income elasticity of demand shows the responsiveness of demand for a good/service when an individual's ______ changes