ECON 2001.01 Study Guide - Fall 2018, Comprehensive Term Test Notes - List Of The Tribe Characters, Marginal Product, Stretch Fabric

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Published on 5 Nov 2018
School
Ohio State University
Department
Economics
Course
ECON 2001.01
Professor
Ohio State University
ECON 2001.01
Principles of Microeconomics
Term Test
Fall 2018
Prof. Jeffrey Buser
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Document Summary

Elasticity is a measure of how sensitively consumers and producers respond to a change in a market. It is considered in both demand and supply. Measures how the consumers and producers react to a change in the price of the good and its related good, and also the income. Elastic: a change in price causes a large reaction in consumers or producers, which leads to a large change in demand. Inelastic: a change in price causes a small reaction in consumers or producers. Useful for business to determine whether a price increase will lead the total revenue to rise or fall. Total revenue is the amount that a company gains as profits. Total revenue (tr) equals price paid (p) multiplied by quantity sold (q), or tr = p x q. When demand is elastic, the quantity effect is larger than the price effect.

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