Elasticity Elasticity is the extent to which one variable responds to another variable. 3.5 / 5 based on 8 ratings ? EconomicsThe company, revenue and costsASAll boards Created by: louise o'donovanCreated on: 29-12-10 19:13 When comparing the change in demand with the change in price what are we measuring? Price elasticity 1 of 9 With price elasticity, if demand has changed by a smaller percentage than the price, the good is said to be: Price inelastic 2 of 9 How do you work out percentage change? New data - old data/old data x 100 3 of 9 What are the different types of elasticity? Price elasticity of demand, Cross elasticity of demand, Income elasticity of demand, Price elasticity of Supply 4 of 9 What does a steep demand curve show with PED? That demand is relatively price inelastic 5 of 9 When XED is positive, the goods are said to be.. Complentary 6 of 9 If cross elasticity of demand is postive, the goods are said to be.. Substitutes 7 of 9 What does elasticity measure? The proportionate responsiveness of the second variable to the change in the first variable 8 of 9 What is the formula for price elasticity of supply? % change in quantity supplied (divided by) % change in price 9 of 9
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