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NYU Markets Exam 1 Questions & Answers 2024/2025 £6.37   Add to cart

Exam (elaborations)

NYU Markets Exam 1 Questions & Answers 2024/2025

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NYU Markets Exam 1 Questions & Answers 2024/2025 Demand Curve - ANSWERSa graph of the relationship between the price of a good and the quantity demanded (HOLDING ALL ELSE FIXED where only variable that change are P and Q which is stated by Law of Demand Movements of the demand curve - ANSWE...

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  • October 24, 2024
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  • 2024/2025
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NYU Markets Exam 1 Questions &
Answers 2024/2025

Demand Curve - ANSWERSa graph of the relationship between the price of a good and the quantity
demanded (HOLDING ALL ELSE FIXED where only variable that change are P and Q which is stated by Law
of Demand



Movements of the demand curve - ANSWERSalong a demand curve are a response to price changes for
that good



Shift in demand curve - ANSWERSmovement of a demand curve right or left resulting from a change in
one of the determinants of demand other than the price of the good( substitutes or complements things
like that)



elasticity of demand - ANSWERSconsumers' responsiveness or sensitivity to changes in price (% change
in Q divided by % change in P) and will always be negative



Laws of Elasticity - ANSWERSelasticity is negative

elasticy changes at dif pts of the demand curve

Z is not the same as the slope of the demand curve



Flatter a demand curve the more price sensitive the users and the higher the elasticity. Str8 line demand
curve still has different elasticity at every point



Elasticity uses - ANSWERSElasticies can be used for predictive or prescriptive purposes. Ex want a desired
5% change in price and you have the elasticity you can calculate the change in Q that would be needed
to achieve that 5% change in P



Elasticity revenue affects - ANSWERSPrice goes up-

1) if good is inelastice Q won't change and therefore revenues will go up

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