Answer:
price elasticity of demand
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
Price elasticity of demand = midpoint change in quantity demanded / midpoint change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
If this change in price (a 25% increase) leads to a 50% decrease in quantity demanded, demand is elastic and revenue would fall if price is increased
If this change in price (a 25% increase) leads to a 10% decrease in quantity demanded, demand is inelastic and revenue would increase if price is increased
Less market power than it would otherwise have.
Answer:
C. it has more power to affect the economy than any other institution
Explanation:
The FED manages the monetary policy affecting the economy's money supply. This in turn affects interest rates directly. It also has an enormous indirect influence on economic growth (it can stimulate it or cool it), currency value, value of stock markets, unemployment (directly related to economic growth), etc.
The FED is probably the institution that influences the economy the most.
There is no renewal necessary.
Answer:
Elasticity of demand measures how the amount of a good changes when its price goes up or down.
Explanation:
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