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15 cards from this deck
Responsiveness of demand/supply to changes in price, income, or other factors
Responsiveness of quantity demanded to a price change
%ΔQd%ΔP\frac{\% \Delta Q_d}{\% \Delta P}%ΔP%ΔQd
Elastic demand
Inelastic demand
%ΔQd%Δincome\frac{\% \Delta Q_d}{\% \Delta \text{income}}%Δincome%ΔQd
Luxury good
Inferior good
Necessity
%ΔQd of Good A%ΔP of Good B\frac{\% \Delta Q_d \text{ of Good A}}{\% \Delta P \text{ of Good B}}%ΔP of Good B%ΔQd of Good A
Substitutes
Complements
%ΔQs%ΔP\frac{\% \Delta Q_s}{\% \Delta P}%ΔP%ΔQs
P×QP \times QP×Q
TR increases
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