Set: elasticity

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All 5 terms

TermDefinition
elasticitya measure of the responsiveness of the quantity demanded or quantity supplied to one of its determinants
price elasticity of demanda measure of how much the quantity demanded of a good responds to a change in the price of that good
elasticwhen the quantity demanded or supplied responds substatially to a change in one of it determinants
inelasticwhen the quantity demanded or supplied responds only slighlty to a change in one of its determinants
total revenuethe amount paid by buyers and received by sellers of a good computed as P x Q

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Terms 5
Creator muchamorbng19
Created February 5, 2009
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