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Unformatted text preview: Inelastic %change of Qd<%change in price Perfectly inelastic %change Qd<%change of price _Insulin Narrowly Defined- more elastic (brand specific) Broadly Defined-inelastic (product as a whole) Time horizon- shorter the time frame the more inelastic you are/longer time frame to more adaptive to change that you are Total Revenue TR- total price and total quantity Total Expenditure TE- PxQ...
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This note was uploaded on 05/03/2011 for the course SPAN 110 taught by Professor Jones during the Fall '10 term at Saint Louis.
- Fall '10