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Eco 105; Brief Review

by: Jasmine Barnes

Eco 105; Brief Review 105

Marketplace > Illinois State University > Economcs > 105 > Eco 105 Brief Review
Jasmine Barnes
GPA 3.6
Principles Economics
Rajeev Goel

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About this Document

This is only a BRIEF review. These notes cover material pertaining to the supply, demand and elasticity chapter(s) in Economics. This review is not your ticket to an A. This review will serve no ot...
Principles Economics
Rajeev Goel
Class Notes
25 ?




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This 3 page Class Notes was uploaded by Jasmine Barnes on Monday September 28, 2015. The Class Notes belongs to 105 at Illinois State University taught by Rajeev Goel in Fall 2015. Since its upload, it has received 60 views. For similar materials see Principles Economics in Economcs at Illinois State University.


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Date Created: 09/28/15
Economics 105 Principles of Econo x v ltz Eco Brief Review 2 1 Income Elasticity of Demand 0 The responsiveness of the quantity demanded of a good to the chan 39 th income 2 The letters EXY represents 0 Cross Price Elasticity of Demand 3 Cross Price Elasticity of Demand 0 The measurement in the rate of response in Qdem ded of good A due to a price change of good B 4 The letters ES represents 0 The Price Elasticity of Sup 5 The Price Elasticity of S o The measurem 39n t ate of response in the quantity demanded due to a change in the price 6 ES depends on tim the seller s response and also the availability of inputs so e but not all of the inputs 9 ESgtgtmost elastic this is an example of a long run and this means that there is time to alter all of the inputs 10 These curves are horizontal Eco Brief Review 3 o Perfectly Elastic Demand Curves 11 Application of Elasticities focuses on to main concerns A Price Changes B Tax Burden 12 When focusing on the price changes in application of elasticities firms can rd to increase the prices free of worry from revenue loses 0 True 13 Tax burden of application of elasticities focuses on the b r or er W s unresponsiveness in greater Q Q Q lt0 Q


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