Chapter 5 - Elasticity and its Application
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Last updated 4:03 PM on 4/5/22
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12 Terms
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Time horizons
________ have less of elastic demand than goods.
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Slope
________: ratio of changes in the two variables; Elasticity: ratio of percentage changes in the two variables.
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midpoint method
The ________ helps to better calculate elasticities.
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Goods
________ with close substitutes are often more elastic in demand.
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Total revenue
________ is often used when studying the changes in supply or demand in markets.
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percentage change
The ________ in price is positive, while the ________ in the demanded quantity is negative.
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denominator
The ________ is the percentage change in price when using the midpoint method.
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numerator
The ________ is the percentage change in quantity when using the midpoint method.
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Demand
________ is often elastic if the ________ in quantity substantially changes in the price.
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Price elasticity of supply
________= percentage change in quantity supplied /percentage change in price.
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