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This 2 page Class Notes was uploaded by Sidney Hong on Tuesday October 20, 2015. The Class Notes belongs to ECO 106 at Pace University taught by Cesar Castope in Fall 2015. Since its upload, it has received 15 views. For similar materials see Principles of Economics: Macroeconomics in Economcs at Pace University.
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Date Created: 10/20/15
Fall 2015 Principles of Economics Micro ECOlO6 CRN 72490 MondayWednesday 900 AM 1025 AM Professor Cesar Castope 1012 Chapter 5 Elasticity Elasticity 0 Responsiveness of the quantity demanded or supplied to a change in price 0 Change in QdQs Elasticity of Demand 0 Price is proportional to the quantity demanded 0 Higher elasticity of demand means that is more responsive to a change in price V Ed si Eieetie Eieetie e i a E lEdI 1 Liriit Eieetie F Iriereeee deereeeee TR 5 P eleereeee inereeeee TR I ii quotHematite Unit eileetie E meriri Prlee mereeee er deereeee I Quantity deeeri t ehierige tetel m I revenue E V m I Ineleetle E P iriereeee inereeeee TR i i m P deereeee deereeeee TH E Elieerrtit39gr Perfectly Inelastic and Elastic Demand Perhz iy EEHE E Emamj quotEd n F H p All F EF EEEEE39F39 Eritl iv demand E1 7 n r Pcarlie hg img aitit diamam Formula to Calculate the Elasticity of Demand 391 ampQ P Ed Determinants of the Elasticity of Demand 0 Make up a large percentage of a consumer budge PETf Et F Elitilz demand 0 The smaller percentage of the budget the less elastic O Necessity vs luxury 0 Close substitutes