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Material Type: Notes; Class: Principles of Microeconomics; Subject: Economics; University: Cuyahoga Community College District; Term: Unknown 1989;
Typology: Study notes
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The Graphs
Revenue Test
% change in Quantity% change in Dollar Value
=
-^ Price of the commodity in question•^ Income of the buyer•^ Price of another commodity•^ Conditions in an associated market
% change in Quantity% change in Dollar Value
= There are about 45 equationsrecognized by economists.Which should be used?
D Inferior Good •^ Small price change.•^ Large quantitychange
D Superior Good • Large price change• Small quantitychange. Normal Good •^ equal price andquantity change
D Elastic^
Unitary^
Inelastic
The Revenue Test