question
Elasticity Value of <1
answer
Inelastic, sharp negative slope demand curve
question
Elasticity Value of >1
answer
elastic, flatter or diagonal curve
question
Elasticity Value of Infinity
answer
Perfectly Elastic, Horizontal Demand Curve
question
Elasticity Value of 1
answer
Unit Elasticity/Unitary Elasticity
Change in the ratio of the price of the goods and services is equal to the change in demand of the goods and services.
Change in the ratio of the price of the goods and services is equal to the change in demand of the goods and services.
question
Elasticity Value of 0
answer
Perfectly Elastic
Vertical Demand Curve
Vertical Demand Curve
question
Determinants of
answer
Substitutes
Timeframe
Income Share
Luxury vs Necessity
Narrowness of Market
Timeframe
Income Share
Luxury vs Necessity
Narrowness of Market
question
Where is profit maximized?
answer
MR=MC
question
What is Elasticity Value of Normal Good
answer
<1; >0
question
What is Elasticity Value of Inferior Good
answer
<0
question
What is Elasticity Value of Luxury Good
answer
>1
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