国际学校网在线为大家整理了AP课程微观经济学名词解释，供大家参考，希望对大家有所帮助!
Please highlight critical terms;
*=not important for exam but you should know
Chapter Three Elasticity
Elastic-the demand for that good is on the more price, the sensitiveness.
(price) elasticity of demand-the responsiveness of buyers to changes in price. Specifically, the percentage change in quantity demanded for each percentage change in price, other things being equal. Elasticity can be calculated using the formulas
Necessity-the price elasticity is between 0 to 1. The goods people need regardless of price.
Luxury- the price elasticity is larger than 1. The goods people will purchase within the acceptance of price.
income elasticity- the percentage change in quantity demanded divided by the percentage change in income. Income elasticity could be positive or negative, depending on the good. normal good- a good that will have an increase in demand as income of buyers goes up; the income elasticity for such a good will be positive. inferior good- a good that will have a decrease in demand as income of buyers goes up; the income elasticity for such a good will be negative.
Cross-price elasticity of demand-the responsiveness of the quantity demand of one good to the price of another good.
substitute- good used instead of another complement- good used along with another
声明：我方为第三方信息服务平台提供者，本文来自于网络，登载出于传递更多信息之目的，并不意味着赞同其观点或证实其描述，文章内容仅供参考。如若我方内容涉嫌侵犯其合法权益，应该及时反馈，我方将会尽快移除被控侵权内容。
