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## Week 5 Notes

by: Cheyenne Hunt

22

0

1

# Week 5 Notes Econ 2020

Cheyenne Hunt
AU
GPA 3.33

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These noted cover the determinants of the elasticity of demand and total revenue.
COURSE
Principles of Economics: Microeconomics
PROF.
William M. Finck
TYPE
Class Notes
PAGES
1
WORDS
CONCEPTS
Economics, Microeconomics, elastic, inelastic, Determinants, total revenue
KARMA
25 ?

## Popular in Principles of Economics: Microeconomics

This 1 page Class Notes was uploaded by Cheyenne Hunt on Saturday February 20, 2016. The Class Notes belongs to Econ 2020 at Auburn University taught by William M. Finck in Spring 2016. Since its upload, it has received 22 views. For similar materials see Principles of Economics: Microeconomics in Business at Auburn University.

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Date Created: 02/20/16
Week 5 Notes Elastic v. Inelastic Steep Flat Inelastic Elastic Little change in Big change in Qd Qd Little Ed Big Ed Determinants of Ed Number of substitutes- moves with elasticity Time in which to make the purchase- moves with elasticity Proportion of income- proportion and elasticity move together Necessity- moves opposite Total Revenue  Money earned from selling goods and services  NOT the same as profit  TR= P X Q Ex. 1 P1= \$1 Q1= 150 Find Ed (using midpoint) and change in TR P2= \$1.25 Q2= 100 Ed= 1.80= elastic Change in TR= -\$25 If TR rises as P falls= elastic If TR falls as P falls= inelastic Elasticity decreases as quantity increases At the midpoint, Ed=1 and TR is maximized

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