Across
- 3. Products with many substitutes tend to have what price elasticity of demand
- 4. What happens to total revenue if price falls and demand is inelastic
- 8. A method to calculate price elasticity of demand or supply by averaging the initial and final prices and quantities to compute percentage changes, ensuring consistent
- 9. Cross elasticity of demand is positive for what goods
- 11. What does a positive income indicate
- 13. Demand where quantity demanded remains constant regardless of price changes, represented by a vertical demand curve
- 15. Measures how sensitive the quantity demanded of a good is to a percentage change in consumer income, indicating responsiveness to income changes
- 17. if supply is perfectly elastic,the supply curve is what
- 21. A period in microeconomics where all production inputs are variable, allowing producers to fully adjust quantities of all resources in response to price changes
- 24. if demand is inelastic, increasing the price will do what to the total revenue
- 25. What is the method to assess demand elasticity: elastic if total revenue moves opposite to price changes, inelastic if it moves in the same direction, and unitary if total revenue remains unchanged
- 26. A product with inelastic demand will have a price elasticity less then what amount
Down
- 1. Measures how sensitive the quantity demanded of a product or resource is to a percentage change in its price, calculated as the ratio of the percentage change
- 2. A time frame where producers cannot adjust the quantity supplied in response to price changes, resulting in a perfectly inelastic supply
- 5. Demand where quantity demanded can vary infinitely at a specific price, but drops to zero if the price changes, shown as a horizontal demand curve
- 6. If the price of a product increases and total revenue decreases, is demand elastic or inelastic
- 7. The total income a firm receives from selling a product, calculated as the quantity sold multiplied by the price per unit
- 10. A tax imposed on the production or purchase of a specific product, often based on the quantity sold
- 12. When the price elasticity of demand is less than 1, meaning quantity demanded changes by a smaller percentage than the price, what is indicating low responsiveness to
- 14. True or False a negative income elasticity means the good is inferior
- 16. A period in microeconomics where some production inputs (e.g., plant size) are fixed, while others (e.g., labor) are variable, limiting full adjustment to price changes
- 18. Measures how the quantity demanded of one good responds to a percentage change in the price of another good; positive for substitutes, negative for complements
- 19. True or False the in the short run the supply is usually more elastic
- 20. What does is mean if the price elasticity of demand is equal to 1
- 22. Which direction does total revenue move when demand is unitary elastic and price changes
- 23. Total revenue equals Price multiplied by?