5.5: Key Terms
- Page ID
- 181326
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|---|---|---|---|---|---|
| (Eg. "Genetic, Hereditary, DNA ...") | (Eg. "Relating to genes or heredity") |  |
The infamous double helix | https://bio.libretexts.org/ | CC-BY-SA; Delmar Larsen |
| Word(s) | Definition | Image | Caption | Link | Source |
|---|---|---|---|---|---|
| constant unitary elasticity | when a given percent price change in price leads to an equal percentage change in quantity demanded or supplied | ||||
| cross-price elasticity of demand | the percentage change in the quantity of good A that is demanded as a result of a percentage change in the price of good B | ||||
| elastic demand | when the elasticity of demand is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price | ||||
| elastic supply | when the elasticity of either supply is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price | ||||
| elasticity | an economics concept that measures responsiveness of one variable to changes in another variable | ||||
| elasticity of savings | the percentage change in the quantity of savings divided by the percentage change in interest rates | ||||
| inelastic demand | when the elasticity of demand is less than one, indicating that a 1 percent increase in price paid by the consumer leads to less than a 1 percent change in purchases (and vice versa); this indicates a low responsiveness by consumers to price changes | ||||
| inelastic supply | when the elasticity of supply is less than one, indicating that a 1 percent increase in price paid to the firm will result in a less than 1 percent increase in production by the firm; this indicates a low responsiveness of the firm to price increases (and vice versa if prices drop) | ||||
| infinite elasticity | the extremely elastic situation of demand or supply where quantity changes by an infinite amount in response to any change in price; horizontal in appearance | ||||
| perfect elasticity | see infinite elasticity | ||||
| perfect inelasticity | see zero elasticity | ||||
| price elasticity | the relationship between the percent change in price resulting in a corresponding percentage change in the quantity demanded or supplied | ||||
| price elasticity of demand | percentage change in the quantity demanded of a good or service divided the percentage change in price | ||||
| price elasticity of supply | percentage change in the quantity supplied divided by the percentage change in price | ||||
| tax incidence | manner in which the tax burden is divided between buyers and sellers | ||||
| unitary elasticity | when the calculated elasticity is equal to one indicating that a change in the price of the good or service results in a proportional change in the quantity demanded or supplied | ||||
| wage elasticity of labor supply | the percentage change in hours worked divided by the percentage change in wages | ||||
| zero inelasticity | the highly inelastic case of demand or supply in which a percentage change in price, no matter how large, results in zero change in the quantity; vertical in appearance |