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Solutions for Chapter Module 47: Interpreting Price Elasticity of Demand

Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition

ISBN: 9781464122187

Solutions for Chapter Module 47: Interpreting Price Elasticity of Demand

Since 5 problems in chapter Module 47: Interpreting Price Elasticity of Demand have been answered, more than 9792 students have viewed full step-by-step solutions from this chapter. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. This expansive textbook survival guide covers the following chapters and their solutions. Chapter Module 47: Interpreting Price Elasticity of Demand includes 5 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • Arrow’s impossibility theorem

    a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

  • budget deficit

    a shortfall of tax revenue from government spending

  • capital

    the equipment and structures used to produce goods and services

  • constant returns to scale

    The property whereby long-run average total cost stays the same as the quantity of output changes

  • consumer price index (CPI)

    a measure of the overall cost of the goods and services bought by a typical consumer

  • efficient scale

    the quantity of output that minimizes average total cost

  • excludability

    the property of a good whereby a person can be prevented from using it

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • financial markets

    financial institutions through which savers can directly provide funds to borrowers

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • nominal GDP

    the production of goods and services valued at current prices

  • perfect complements

    two goods with right-angle indifference curves

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • progressive tax

    a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers

  • purchasing-power parity

    a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries

  • signaling

    an action taken by an informed party to reveal private information to an uninformed party

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