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ECON 1110 (1)
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Chapter 4

Microeconomics 1110 ch4.docx

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Department
Economics
Course
ECON 1110
Professor
E.Harry
Semester
Winter

Description
Microeconomics 1110 Ch. 4 Price elasticity of demand- elastic when responsive to change in price Nd= |change in q.d./ change in price|  unit elastic= 1  inelastic <1  elastic >1 *demand fnc are curves not schedules and slope varies when moving down, elasticity at demand varies as you move down a straight line curve Demand Elasticity and Total Expenditure  where demand is inelastic, TR increases and $ rises despite the doubling the price  fewer substitutes for this good where demand is elastic, doubling yields a “dramatic” decline in TR  results in large loss of market share Price elasticity of supply Ns= change in q.s/ change in price *rmb that q.s and price change in the same d
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