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