Term
| cross-price elasticity of demand |
|
Definition
| A measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in the price of the second good. |
|
|
Term
|
Definition
| A measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants. |
|
|
Term
| income elasticity of demand |
|
Definition
| A 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. |
|
|
Term
| price elasticity of demand |
|
Definition
| A measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price. |
|
|
Term
| price elasticity of supply |
|
Definition
| A measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price. |
|
|
Term
| total revenue (in a market) |
|
Definition
| The amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold. |
|
|
Term
|
Definition
| A legal maximum on the price at which a good can be sold. |
|
|
Term
|
Definition
| A legal minimum on the price at which a good can be sold. |
|
|
Term
|
Definition
| The manner in which the burden of a tax is shared among participants in a market. |
|
|
