Income elasticity of demand flashcard sets

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income elasticity of demand definitions
# Definition Sets
1a measure of how much the quantity demanded of a good responds to a change in consumers' income, computed as the percentage change in quantity demanded divided by the percentage change in income7 sets
2a measure of the responsiveness of the quantity demanded to changes in income, measured by the percentage change in quantity demanded divided by the percentage change in income.2 sets
3a measure of responsiveness of quantity demanded to changes in income2 sets
4the percent change in the quantity of a good demanded in response to a one percent change in income2 sets
5the percentage change in the quantity demanded of a good in response to a 1 percent change in income2 sets
6measures the degree to which consumers respond to a change in their incomes by buying more or less of a particular good2 sets
7a measure of consumer response to a change in the consumer's income. (ei = income elasticity of demand)2 sets
8a measure of how much the quantity demanded of a good responds to a change in consumer's income, computed as the % change in quantity demanded divided by the % change in income2 sets
9measures the responsiveness of the quantity demanded of a good to the change in the income of the people demanding the good. formula: (%change in quantity demanded) / (%change in income) = income elasticity2 sets
10it is about measuring the responsiveness of the quantity demanded of a good to the change in the income of the people demanding the good.2 sets
11the percentage change in the quantity demanded in response to a given percentage change in income, y; dq/dy * y/q1 set
12ratio of the % change in qd to % change in income1 set
13measures how much quantity demanded responds to changes in buyers' incomes1 set
14measures the responsiveness of consumer purchases to a change in income. ratio of the percentage change in demand for a product to a percentage change in consumer income, if positive the good is normal, if negative the good is inferior, is percentage change in demand for the good divided by percentage change in income1 set
15equals the percentage change in the quantity demanded of a good in response to a 1 percent change in income1 set
16a measure of the responsiveness of demand to changes in income1 set
17measures the degree to which consumers respond to a change in their incomes by buying more or less of a particular good; shows whether a good is normal or inferior1 set
18how much qd responds to change in consumer income1 set
19measures the resposiveness of the demand for a commodity to a change in income1 set
20a measure of how much the quantity demnded of a good responds to a change in consumers' income, computed as the percentage change in quantity demanded divided by the percentage change in income1 set
21the percentage change in the quantity demanded in response to a given percentage change in income1 set
22measures the response of qd to a change in consumer income1 set
23the percentage change in quantity demanded divided by percentage change in income1 set
24the percentage change in the demand for a good divided by the percentage change in income, everything else held constant1 set
25the percentage change in the quantity demanded of a good or service divided by the percentage change in consumer income1 set
26measures the responsiveness of demand to a change in income1 set
27the percentage change in the quantity demanded of a good in response to a 1 percent change in income.1 set
28a measure of how much the quantity demanded of a good responds to a change in consumers' income, computed as the percentage change in quantity demanded divided by the percentage change in income.1 set
29measures responsiveness of demand to changes in income; positive: goods are normal; negative: goods are inferior1 set
30a measure of how much the demand for a good is affected by changes in consumers' incomes. % change in quantity demanded over % change in income1 set
31measures the percentage change in demand caused by a given percentage change in income1 set
32measures the degree to which consumers respond to a change in their incomes by buying more or less of a particular good. (percentage change in quantity demanded// percentage change in income)1 set
33measure of how much the quantity demanded of a good responds to a change in consumers' income, computed as percent change in qd divided by percent change in income1 set
34the percentage change in demand divided by the percentage change in income1 set
35the responsiveness of demand to a change in income; percentage change in the quantity demanded divided by percentage change in income1 set
36the percentage change in quantity demanded associated with a 1 percent increase in income.1 set
37measures the degree to which consumers respond to a change in their salaries by buying more or less of a particular good1 set
38a measure of how much the quantity demanded of a good responds to a change in consumers' income, computed as teh percentage change in quantity demanded divided by the percentage change in income1 set
39the percentage change in demand for any good, holding its price constant, divided by the percentage change in income; the responsiveness of demand to changes in income, holding the good's relative price constant.1 set
40a measure of the responsiveness of quantity demanded to a change in income1 set