Microecon Midterm formula flashcards
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10 Terms
Price Elasticity of Demand
% change in quantity demanded / % change in price
Price Elasticity of Supply
% change in quantity supplied / % change in price
Budget
P1 × Q1 + P2× Q2
% change in quantity
(Q2 - Q1) / ((Q2 +Q1) / 2) * 100
% change in price
(P2 - P1) / ((P2 +P1) / 2) * 100
Income elasticity of demand
% change in quantity demanded / % change in income
Cross-price elasticity of demand
% change in Qd of good A / % change in price of good B
Elasticity of labor supply
% change in quantity of labor supplied / % change in wage
Elasticity of savings
% change in quantity of financial savings / % change in interest rate
Interest rate elasticity of borrowing
% change in quantity of borrowing / % change in interest rate
Note 
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