Price elasticity, Microeconomics

Price Elasticity

A measure of the change in demand for a product relative to unit changes in the price of the product. If the percentage change in quantity demanded is greater than the percentage change in price there is the response to a change in price is said to be elastic.

Posted Date: 10/16/2012 8:16:38 AM | Location : United States







Related Discussions:- Price elasticity, Assignment Help, Ask Question on Price elasticity, Get Answer, Expert's Help, Price elasticity Discussions

Write discussion on Price elasticity
Your posts are moderated
Related Questions
Open Access Regime Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4


1 Differentiate between a firm and a market. 2 Graphically illustrate (i.e. draw) and explain the relationship between the market demand curve and the individual firm's demand c

a) An enhances in the quantity demanded of a good can happen because consumers expect the price of that good to enhance in the near future. b) A price ceiling imposed above the

Answer in true or false 1.  "Improvements in environmental quality of a recreational site will, all other things being equal, increase consumer surplus of individuals that visit

The town utilizes standard disc type PD water meters for all residential connections. These meters were warranted by the manufacturer to be accurate within two percent of actual f

Dialectic Inquir y It is a technique for group decision making in which members are forced to "debate" both sides of a matter. Dialectic inquiry forces consideration o

Is indian companies running arisk by not giving attention to cost cutting

What are the properties of cost function? Properties of Cost Functions: Some similarities are here with consumer theory. Such similarities are actually exact while one compa

Ask qu a.Fill in the column of marginal products. What pattern do you see? How might you explain it? b. A worker costs $30 per day and the ''Firm has fixed costs of $10. Use this