1 / 51

Economics of Substitution and Demand Elasticity

Explore concepts like unitary elastic demand, market demand schedule, and substitution effect in economics. Learn about goods, income effect, and demand curves.

jeannineb
Download Presentation

Economics of Substitution and Demand Elasticity

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500

  2. What is a good that replaces another demanded good?

  3. substitute

  4. From which horror movieis this image taken?

  5. Bride of Frankenstein

  6. What term describes demand whose elasticity is exactly equal to one?

  7. unitary elastic

  8. What actor portrayed this version of the mummy?

  9. Boris Karloff

  10. What is a measure of how consumers react to a change in the price of a good?

  11. elasticityof demand

  12. In which movie did this character originally appear?

  13. Godzilla

  14. What is the desire to own something and the ability to pay for it?

  15. demand

  16. What is a table that lists the quantity of a goodall consumers in a market will buy at eachdifferent price?

  17. marketdemand schedule

  18. What is demand that is very sensitive to a change in price?

  19. elastic

  20. From which horror movie is this image taken?

  21. Island ofLost Souls

  22. What term describes the total amount of money a firm receives by selling goods or services?

  23. total revenue

  24. In which movie did this actor originally appear?

  25. Freaks

  26. What worddescribes demandthat is not very sensitive to a change in price?

  27. inelastic

  28. What is a good for which the demand falls when income rises?

  29. inferior good

  30. What is the assumption that nothing butthe price of a goodwill change?

  31. ceteris paribus

  32. From which movie is this image taken?

  33. King Kong

  34. What is a graphic representation of the quantities of a goodthat will be boughtat each price?

  35. demand curve

  36. What is the waythat a change in price determines whether or not consumers buy goods?

  37. law of demand

  38. Peter Lorre portrayed a crazed doctor in this horror film.

  39. Mad Love

  40. What is the change in consumption that results from a change in real income called?

  41. income effect

  42. What is a good that is bought and used along with another good?

  43. complement

  44. What is a table that lists the quantity of a gooda person will buy at each different price?

  45. demand schedule

  46. What is a good that consumers will demand more of when their incomes increase?

  47. normal good

  48. What phenomenon occurs when consumers react to an increase in a good’s price by consuming less of that good and more of other goods instead?

  49. substitution effect

  50. In which movie did thissevered head originally appear?

More Related