Vocabulary: Supply and Demand and Price Elasticity Essay

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1. 'total revenue (TR)'
The total amount a seller receives from the sale of a product in a particular time period. 2. 'unit elasticity'
Demand or supply with a price elasticity coefficient that is equal to one. 3. 'cross elasticity of demand'
The ratio of the percentage change in quantity demanded of one good to the percentage change in price of some other good. 4. 'producer surplus'
The difference between the actual price producers receive for a product and the minimum acceptable price 5. 'midpoint formula'
A method for calculating price elasticity of demand or price elasticity of supply that averages the two prices and two quantities as the reference points for competing percentages. 6. 'elastic demand'
Product or resource demand with a price elasticity coefficient that is greater than one. 7. 'price elasticity of supply'
The ratio of the percentage change in quantity supplied of a product to the percentage change in its price 8. 'efficiency losses'
Reductions of combined consumer and producer surplus associated with underproduction or overproduction of a product. 9. 'allocative efficiency'
The apportionment of resources among firms and industries to produce the goods most wanted by society. 10. 'price elasticity of demand'
A measure of the responsiveness of buyers to a change in the price of a product or resource. 11. 'short run'
A period of time in which producers are able to change the quantities of some but not all of the resources they employ
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