Summary: Econ - Foundations Of Micro
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Read the summary and the most important questions on ECON - foundations of micro
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1 Micro Economics
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What are goods in joint supply?
- Two
goods where production of oneincreases production of the other.
- Two
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What is a price taker?
- A person or firm with
no power to influence the marketprice .
- A person or firm with
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What is Price Elasticity of Demand (PED) ?
The responsiveness of Quantity demanded, to a change in price -
What is the Formula for PED?
The % change in quantity demanded, divided by the % change in price
-Q before you P
%change.in.QD / %change.in.Price -
What is Elastic demand ?
Where Quantity Demanded changes by a larger % than price, Elastic demand will have a value Above 1 (or below -1) -
What is Inelastic Demand?
WhereQuantity Demanded changer by asmaller % thanprice , will have avalue Below 1 (or above -1) -
What is Unit Elasticity of demand?
Where Quantity demanded changes by the same % as price, will be exactly 1 or -1 -
What are substitute goods?
- A pair of
goods seen asalternatives . Price of oneincreases ,demand for other rises.
- A pair of
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What is the law of demand?
- Quantity of a good demanded per period of time will fall, as price rises
- Quantity of a good demanded per period of time will rise, as price falls.
- Other things being equal (
ceteris paribus ).
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What are substitutes in supply?
Two goods whereincreased production of one Diverts resources from producing the other
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