By Robert Brown
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Extra resources for Economics New Ways of Thinking Guided Reading and Study Guide Workbook
I. When Demand Changes, the Curve Shifts A. A rightward shift means that demand has ______________________. B. A leftward shift means that demand has ______________________. II. What Factors Cause Demand Curves to Shift? A. Income 1. A good for which demand rises as income rises and falls as income falls is a(n) ______________________. 2. A good for which demand falls as income rises and rises as income falls is a(n) ______________________ good. 3. If a person buys the same amount of a good when income changes, the good is a neutral good.
A. Elasticity of demand deals with the relationship between price and quantity demanded. B. Elasticity of demand compares the percentage change in ______________________ with the percentage change in ______________________. C. Elasticity of demand is seen as the following ratio: Elasticity of demand = Percentage change in quantity demanded Percentage change in price D. ______________________ demand exists when the quantity demanded (the numerator) changes by a greater percentage than the percentage change in price (the denominator).
A. Number of Substitutes B. ______________________ Versus Necessities C. Percentage of ______________________ Spent on the Good D. Time III. An Important Relationship Between Elasticity and Total Revenue A. Case 1: Elastic demand and a price increase cause total revenue to ______________________. B. Case 2: Elastic demand and a price decrease cause total revenue to ______________________. C. Case 3: Inelastic demand and a price increase cause total revenue to ______________________. D. Case 4: Inelastic demand and a price decrease cause total revenue to ______________________.