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2014_alte grile_Recapitulare_RASPUNSURI

2014_alte grile_Recapitulare_RASPUNSURI - Recapitulare The...

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Recapitulare The percentage change in the quantity demanded in response to a percentage change in the price is known as the Slope of the demand curve. Excess demand Price elasticity of demand All of the above If a good has an income elasticity of demand greater than 1, one might classify that good as a necessity a luxury unusual inelastic Diminishing marginal rate of substitution can be seen when indifference curves cross are convex are downward sloping become flatter as we move down and to the right If two goods are perfect substitutes, then the indifference curves for those two goods would be upward sloping and concave to the origin downward sloping and convex to the origin downward sloping and straight L-shaped Economists assume consumers select a bundle of goods that maximizes their well-being subject to their budget constraint their income relative prices
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