Category: Education
Created by: Timmwilson
Number of Blossarys: 22
Total revenue = price per unit * quantity sold. Also known as total sales.
The purchasing power of money. Real Value = Nominal Value + Adjustment for Inflation. Real value is more important for determining true growth, as it is adjusted for inflation.
The price a producer receives for a product – the marginal cost of production.
Defines the relationship of quantity supplied to the effect on price. Formula: PeS = %change in quantity supplied / % change in price. Perfectly inelastic supply = 0. Perfectly elastic supply > 0.
(Ed)A function of demand for which as the price increases or decreases, the demand of the product changes. Ed=abs(%change in quantity demanded/%change in price). inelastic<1. unit elastic=1. perfectly ...
A good for which an increase in income directly relates to an increase in demand for that good.
By: Timmwilson