DDSS

Question 1

DD

Answer 1

qty of a good that consumer is both w&a to buy at each possible price during a given period of time, cp

Question 2

SS

Answer 2

Qty of a good that a producer is both w&a to sell at each possible price during a given time period, cp

Question 3

PED

Answer 3

measures responsiveness of the Qdd of a good to a change in its price, cp

Question 4

PES

Answer 4

measures responsiveness of Qss of a good to change in its prices, cp

Question 5

YED

Answer 5

measures degree of responsiveness of the DD for a good to a change in its income, cp

YED>0 : normal good(<1 necessity, >1 luxury)
YED<0 : inferior

Question 6

XED

Answer 6

measure of the degree of responsiveness of the DD for one good to a change in the price of another good, cp

substitutes: XED>0
complements: XED<0
weak: <1, strong>1