Two products that are used along with each other.
The relationship between the quantity demanded for a product and the
price of a different product.
The percentage change in the quantity demanded for one product divided by
the percentage change in the price of a different product that
caused it.
A condition existing whenever the percentage response in the quantity
demanded is greater than the percentage change in the price that
caused it.
The relationship between the quantity demanded for a product and the
income level of the consumers or potential consumers of that
product.
The percentage change in the quantity demanded for a product divided by
the percentage change in the income level of the consumers or
potential consumers of that product.
A condition existing when ever the percentage response in the quantity
demanded is less than the percentage change in the price that
caused it.
A product that people demand more of when their income is low and less of
when they have a higher income.
Elastic Demand: A condition existing when a price change causes an
infinite response in the quantity demanded.
The sum of all the individual consumers demands for a particular product
in a particular geographic area.
A product for which there is a positive relationship between quantity
demanded and income level.
See infinitely elastic demand.
A condition existing when a price change causes no response in quantity
demanded.
The concept that economists use to measure the responsiveness of the
quantity demanded to a change in price; the percentage change in
the quantity demanded of a product divided by the percentage
change in its price.
Two products that are readily interchangeable.
The total receipts that a firm receives from selling its product or the
total outlay that buyers spend on that firm's product.
A condition existing when the percentage response in quantity demanded is
exactly equal to the percentage change in the price that caused
it.
