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Exam1 - CompLab Flashcard

Exam1 - CompLab Flashcard - Time – Long Term(e v Short...

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Demand Curve Shifters Income Price of Related Goods Tastes Expectations # of Buyers Supply Curve Shifters Input Prices Technology Expectations # of Sellers Normal Goods: Positive Inferior Goods: Negative Substitutes: Positive Complements: Negative Income: C-P: Comps and Subs Availability of Close Substitutes Luxury (e) v. Necessity (ie) Narrowly Defined (e) v. Broadly Defined (ie)
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Unformatted text preview: Time – Long Term (e) v. Short Term (ie) Price Elasticity of Supply Determinants Time – Long Term (e) v. Short Term (ie) Cross-Price Elasticity: % ∆ Quantity D for Good 1 % ∆ Price for Good 2 Income Elasticity: % ∆ Quantity Demanded % ∆ Income Midpoint Method: End Value – Start Value Midpoint Price Elasticity: % ∆ Quantity (S or D) % ∆ Price...
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Exam1 - CompLab Flashcard - Time – Long Term(e v Short...

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