Screen Shot 2019-01-30 at 1.28.39 AM.png

Screen Shot 2019-01-30 at 1.28.39 AM.png - i Notes File...

This preview shows page 1 out of 1 page.

Image of page 1
You've reached the end of this preview.

Unformatted text preview: i Notes File ICIOU All iCloud Notes sdfvbnm Recently Deleted On My Mac Notes Google Notes a New Folder Edit Format View Window Help E SE W Both Bombing dients 9/28/17 Econ Notes 6 9/25/17 Elastic Demand... Economic Notes 5 9/25/17 Economic Notes 4 9/25/17 Video Production Notes 9/25/17 Audio Movie Trailer Pr... 9/25/17 Exam 9i'2‘i 1'17 Digital Video 9/21/17 Audio Notes 9/21/17 Password for Apple ID 8/12/17 Registration Complete 4/2/17 2017 Rules and Eligibil 4/2/17 QQ >[; 4? 9mg» Wed1128AM Q 69 EVEQ EVQEQQ. Econ Notes 6 0 Elastic Demand Displays considerable ”quantity stretch" (as with the ace bondage) o Perfectly elastic demand has inaehnite quantity stretch, o inelastic demand displays relatively littleI ”quantity stretch" PriceeElasticity of Stipplye A measure of the responsiveness of quantity supplied to a price change' the percentage change in quantity supplied divided by the percentage change in price E e rel/(11"?r'éVP ES: Va / (q+q"‘l]/2 '3"pr I [p+p”“li,i’2 inelastic Suppiye A change in price has relatively little eiiect pn quantity supplied: the percentage change in quantity supplied is less than the percentage change in price the price elasticity or supply has a value than 1 0, Unit Elosticity— The percentage change in quantity Supplied equals the percentage change in price:the resulting prlce elasticity of supply eauais 1.0. income Elasticity of Demand the percentage change in demand aiwded by the percentage change in consumers income: the value is positive for normal goods and negative for interior goods. [The Market For Food and the Farm Problem] Cr055*prlCe Elasticity of Demand The percentage of change in the demand of one good divided by the percentage of change in the price of another good. UniteElastic Supply Curve A percentage c origin‘ the elastic vale equals n price causes an identical percentage change in quantity supplied depicted by a supply carve that is a straight line iromt e ...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern