Examlex

Solved

Instructions: Identify the Following Terms

question 10

Short Answer

Instructions: Identify the following terms.
"Hard work for a few years, happiness for a thousand"


Definitions:

Cross Elasticity

An indicator of the sensitivity in demand for a certain product in response to price fluctuations of a different product.

Percentage Change

A mathematical calculation that shows how much a number has increased or decreased compared to its previous value, expressed as a percentage.

Complementary Goods

Goods and services that are used together; when the price of one falls, the demand for the other rises (and conversely).

Inelastic

A term describing demand when it changes by a smaller percentage than changes in price.

Related Questions