YED

The exercise was created 2022-10-24 by MartinFredengren. Question count: 13.

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  • Positive YED normal good
  • Negative YED Inferior good
  • YED = %change in qd / %change in income
  • YED < 1 income inelastic
  • YED = 0 income
  • PES = percentage change in quantity supplied / Percentage change in price
  • PES measures the degree of responsiveness of quantity supplied it measures how much producers will change their supply as price goes up.
  • PES > 1 supply is price elastic
  • PES < 1 supply is inelastic
  • PES = 1 then the price went up by 10%
  • PES = 0 price is perfectly inelastic
  • PES = infinity supply can change without any change in price.
  • If its easy to substitute a good then PES > 1

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