More cards in this set

1.2.2 What is the concept of diminishing marginal utility?

1.2.3 What is price elasticity of demand (PED)?

1.2.3 Why is PED usually negative?

1.2.3 What PED's are different elasticities?

1.2.3 What is income elasticity of demand (YED)?

1.2.3 What goods do different YED's represent?

1.2.3 What is cross elasticity of demand (XED)?

1.2.3 What goods do different XED's represent?

1.2.3 What factors influence PED?

1.2.3 What is the significance of elasticities of demand?