Notes from 10-01-15
Notes from 10-01-15 ECON 1010
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This 1 page Class Notes was uploaded by Natalie Notetaker on Monday October 5, 2015. The Class Notes belongs to ECON 1010 at Tulane University taught by Toni Weiss in Summer 2015. Since its upload, it has received 25 views. For similar materials see Intro to Microeconomics in Economcs at Tulane University.
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Date Created: 10/05/15
Elasticity price gt 1 AQd gt AP Total revenue Q x P Income Elasticity of Demand how responsive consumers demand is to a change in income Yincome eeasticity Ey AQAY Qz 01 02 Ql2 Y2 Y1 Y2 Y12 Eygt0 normal Eygt1 luxury good Eylt0 inferior Eylt1 necessary All inferior goods are necessary goods All necessary goods are not inferior goods All luxury goods are normal goods Crossprice elasticity of demand how responsive consumers demand for one good is in reaction to a change in price of another good EAB AQB AQA EAB gt 0 csubstitutes EAB lt 0 compliments Price elasticity of supply how responsive suppliers are to changes in price E5 AQS AP Perfectly elastic supply Perfectly inelastic supply graph 1 graph 2 Consumer Theory Utility consumer satisfactions as measured by utis