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Lesson 7: Market | Unit 2: The Numbers Page: 8 of 22

Topic: Equilibrium <=PAGE BACK | PAGE NEXT=>

What would happen if buyers and sellers faced a price of 50 cents?
  • At 50 cents, the quantity demanded is 400 tapes.
  • At 50 cents, the quantity supplied is 400 tapes.
  • The quantity demanded is the same as the quantity supplied at this 50 cent price.
  • This IS equilibrium.
  • This equilibrium price and equilibrium quantity will remain until something else changes.
  • This 50 cent price is the only one that matches the quantity demanded and the quantity supply

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ELASTIC DEMAND

The general demand relation in which relatively small changes in price cause relatively large changes in quantity demanded. Small changes in price cause relatively large changes in quantity demanded or the percentage change in quantity demanded is larger than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Elastic demand is one of two general elasticity relations for demand. The other is inelastic demand.

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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for cardboard boxes.
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