List the Four Assumptions That Can Be Used When Making

question 47

Short Answer

List the four assumptions that can be used when making ethical decisions.

---

Definitions:

Cross-price Elasticity

Cross-price elasticity measures how the quantity demanded of one good responds to a change in price of another good, indicating the degree of substitutability or complementarity between them.

Elasticity of Supply

The measure of how much the quantity supplied of a good changes in response to a change in price.

Income Elasticity

A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding everything else constant.

Housing Demanded

The quantity of residential properties that buyers are willing and able to purchase at a given price level.