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Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary
Question
The relationship among own-price elasticity of demand, changes in price, and changes in total expenditure is as follows:

If demand is elastic, a reduction in price results in an
[...];

if demand is inelastic, a reduction in price results in
[...] ;

if demand is unitary elastic, a change in price
[...]
Answer
increase in total expenditure

a decrease in total expenditure

leaves total expenditure unchanged.

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary
Question
The relationship among own-price elasticity of demand, changes in price, and changes in total expenditure is as follows:

If demand is elastic, a reduction in price results in an
[...];

if demand is inelastic, a reduction in price results in
[...] ;

if demand is unitary elastic, a change in price
[...]
Answer
?

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary
Question
The relationship among own-price elasticity of demand, changes in price, and changes in total expenditure is as follows:

If demand is elastic, a reduction in price results in an
[...];

if demand is inelastic, a reduction in price results in
[...] ;

if demand is unitary elastic, a change in price
[...]
Answer
increase in total expenditure

a decrease in total expenditure

leaves total expenditure unchanged.
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The relationship among own-price elasticity of demand, changes in price, and changes in total expenditure is as follows: If demand is elastic, a reduction in price results in an increase in total expenditure; if demand is inelastic, a reduction in price results in a decrease in total expenditure; if demand is unitary elastic, a change in price leaves total expenditure unchanged.</spa

Original toplevel document

SUMMARY
ood causes an increase in demand for the other good—are called complements. Goods with positive cross-price elasticity of demand—a drop in the price of one good causes a decrease in demand for the other—are called substitutes. <span>The relationship among own-price elasticity of demand, changes in price, and changes in total expenditure is as follows: If demand is elastic, a reduction in price results in an increase in total expenditure; if demand is inelastic, a reduction in price results in a decrease in total expenditure; if demand is unitary elastic, a change in price leaves total expenditure unchanged. <span><body><html>

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statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

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