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Elasticity of Demand
Two goods that are bought and used together
A measure of how consumers react to a change in price
a table that lists the quantity of a good all consumers in a market will buy at each different price
Describes demand whose elasticity is exactly equal to 1
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand that is very sensitive to a change in price
Goods used in place of one another
a table that lists the quantity of a good a person will buy at each different price
Substitution Effect
Two goods that are bought and used together
A measure of how consumers react to a change in price
a table that lists the quantity of a good all consumers in a market will buy at each different price
Describes demand whose elasticity is exactly equal to 1
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand that is very sensitive to a change in price
Goods used in place of one another
a table that lists the quantity of a good a person will buy at each different price
Market Demand Schedule
Two goods that are bought and used together
A measure of how consumers react to a change in price
a table that lists the quantity of a good all consumers in a market will buy at each different price
Describes demand whose elasticity is exactly equal to 1
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand that is very sensitive to a change in price
Goods used in place of one another
a table that lists the quantity of a good a person will buy at each different price
Complements
Two goods that are bought and used together
A measure of how consumers react to a change in price
a table that lists the quantity of a good all consumers in a market will buy at each different price
Describes demand whose elasticity is exactly equal to 1
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand that is very sensitive to a change in price
Goods used in place of one another
a table that lists the quantity of a good a person will buy at each different price
Elastic
Two goods that are bought and used together
A measure of how consumers react to a change in price
a table that lists the quantity of a good all consumers in a market will buy at each different price
Describes demand whose elasticity is exactly equal to 1
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand that is very sensitive to a change in price
Goods used in place of one another
a table that lists the quantity of a good a person will buy at each different price
Substitutes
Two goods that are bought and used together
A measure of how consumers react to a change in price
a table that lists the quantity of a good all consumers in a market will buy at each different price
Describes demand whose elasticity is exactly equal to 1
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand that is very sensitive to a change in price
Goods used in place of one another
a table that lists the quantity of a good a person will buy at each different price
Demand Schedule
Two goods that are bought and used together
A measure of how consumers react to a change in price
a table that lists the quantity of a good all consumers in a market will buy at each different price
Describes demand whose elasticity is exactly equal to 1
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand that is very sensitive to a change in price
Goods used in place of one another
a table that lists the quantity of a good a person will buy at each different price
Unitary Elastic
Two goods that are bought and used together
A measure of how consumers react to a change in price
a table that lists the quantity of a good all consumers in a market will buy at each different price
Describes demand whose elasticity is exactly equal to 1
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand that is very sensitive to a change in price
Goods used in place of one another
a table that lists the quantity of a good a person will buy at each different price
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