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ECO202 Chapter 4 Vocabulary

Teacher: Professor Glenda Evans
Across
When there is too little time for producers to change output in response to a change in price
Producers can make adjustments to all inputs to vary production
Amount that changes when the price changes
Occurs when the percentage change in quantity demanded is greater than the percentage change in price
Alternate test for elasticity using quantity times price
A measure of the responsiveness or sensitivity of quantity demanded to changes in the price of a product
Means that a change in price results in no change in quantity demanded of a product
Measures the degree to which the quantity demanded of one product is affected by a change in the price of another product
Down
A measure of the sensitivity of quantity supplied to changes in the price of a product
Occurs when the percentage change in quantity demanded is less than the percentage change in price
Producers have less flexibility to change output in response to a change in price because they have fixed inputs that they cannot change
When there is a small change in price that causes buyers to purchase all they desire of a product
Measures the effect of a change in income on the quantity demanded of a product
Occurs when the percentage change in quantity demanded is equal to the percentage change in price
Calculates price elasticity across a price and quantity range to overcome the problem of selecting the reference points for the price range and quantity range