Term
| price elasticity of demand |
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Definition
| if demand will change easily with a change in price |
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Term
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Definition
| a formula used to convert units to percentages |
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Term
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Definition
| demand that reacts a lot to a price change |
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Term
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Definition
| demand that does not react a lot to a price change. |
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Term
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Definition
| the amount of units changed in the change of price. |
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Term
| perfectly inelastic demand |
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Definition
| demand that does not change at all with price |
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Term
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Definition
| elasticity that shows demand it 1 to 1 with price |
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Term
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Definition
| price times quantity or P*Q = TR |
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Term
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Definition
| what happens to total revenue when price changes |
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Term
| price elasticity of supply |
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Definition
| how much supply changes with price |
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Term
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Definition
| the period of time to change quantity or supply with the change in market demand. |
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Term
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Definition
| in a short or temporary amount of time |
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Term
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Definition
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Term
| cross elasticity of demand |
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Definition
| when one good affects the demand of another |
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Term
| income elasticity of demand |
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Definition
| the effect of income on demand of a product |
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