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15 cards from this deck
Rewards encouraging certain purchasing decisions
Costs/penalties discouraging specific behaviours
90% reduction in use in first year
Makes decisions maximising satisfaction (utility)
Consumer satisfaction
Measures demand sensitivity to price changes
%ΔQd%ΔP\frac{\% \Delta Qd}{\% \Delta P}%ΔP%ΔQd
PED>1PED > 1PED>1, demand responds strongly to price
PED<1PED < 1PED<1, demand barely responds to price
Measures demand sensitivity to income changes
%ΔQd%ΔY\frac{\% \Delta Qd}{\% \Delta Y}%ΔY%ΔQd
YED>0YED > 0YED>0, demand increases as income rises
YED<0YED < 0YED<0, demand decreases as income rises
YED>1YED > 1YED>1, demand rises more than proportionally w/ income
Housing, rent, and energy costs
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