Exam (elaborations)
Microeconomics 1B03 Exam
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Microeconomics 1B03 Exam
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1-78 of 78how much Qd of good responds to change in P of that good, gives coefficient of
elasticity
(Ep) Ep = % triangle Qd
---------------
% triangle P
*larger Ep = more responsive in demand
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price elasticity of demand
Elastic (Ep>1; upper half of curve)
perfectly elastic (Ep=1; midpoint)
inelastic (Ep<1; lower half)
perfectly inelastic (Ep=0)
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Elasticity on curve
-when the OC and slope are constant!!!
-equally productive, give up same amount of one good for more of another (at same
rate)
resources not specialized!
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perfectly shiftable
AA= "overall" productivity
CA= produce goods with lower OC than others
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, Difference between AA & CA
imperfect info; one person has more info than other
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asymmetric information
if labor force is increased
(no points left on original curve)
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"parallel shift outward in curve"
PROPERTY RIGHTS (someone to own and exercise control over scarce resource)
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Markets can only work with __________________
study of how society allocates scarce resources to satisfy societies unlimited wants
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