26 - Chapter 6"on an empty stomach it only takes 30 minutes...

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Chapter 6 “on an empty stomach, it only takes 30 minutes to  get an erection.  On a Big Mac, its takes an hour; sorry lady”  Alsabea 26/02/2008 12:29:00 Elasticity – responsiveness of consumers to a price change The percentage change in quantity taken divided by the percentage change in price  when the price change is small.  Responsiveness by consumers when there is a price  cut. o E=  Q/Q o        P/P o Elastic – a specific percentage change in price results in a larger  percentage change in quantity demanded o Unitary – percentage change in price and the resulting percentage  change in quantity demanded are the same o Inelastic – percentage change in quantity supplied is less than the  percentage change in price  E > 1 Elastic E = 1 Unitary E < 1 Inelastic o
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Chapter 8 26/02/2008 12:29:00 2 nd  midterm april 3, 2008 chapters 6, 7, 8, 9, 19 Cost of Production 2 kinds of cost o
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