Elasticity and revenue (3.1.3)

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  • Created by: lee42
  • Created on: 24-05-19 10:37
Do goods tend to be more elastic in the long run or sort run?
Long run because more time is devoted to seek alternatives
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What is the equation for total revenue?
Price per unit x quantity
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What are the factors that elasticity of demand?
% of income, type of good, time and availability of substitutes
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When is total revenue maximised?
When PED = (-) 1
4 of 5
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Other cards in this set

Card 2

Front

Price per unit x quantity

Back

What is the equation for total revenue?

Card 3

Front

% of income, type of good, time and availability of substitutes

Back

Preview of the back of card 3

Card 4

Front

When PED = (-) 1

Back

Preview of the back of card 4

Card 5

Front

blank

Back

Preview of the back of card 5

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