which goes with which?

vocab words:

1. price elasticity of demand
2. Qd
3. ( Q/Q)/ ( P/P)
4. inelastic demand
5. perfectly elastic or horizontal demand curve
6. total revenue test of elasticity
7. elastic supply
8. substitute goods
9. inferior good
10. perfectly inelastic or vertical demand curve

Definition:

• results under a situation where quantity demand does not change even if price changes
• results when the % change in quantity supply is larger than the % change in price
• test to determine how elasticity of demand causes change in revenue along the demand curve
• happens under a situation where price foes not change
• goods for which the income elasticity is less than 0
• can also be written as (P/Q)*1/slope of the demand curve
• goods for which cross price elasticity is less than 0
• goods for which the cross-price elasticity is greater than 0
• consumer response of quantity demand to changes in price
• test to determine if there is sufficient revenue to operate profitably
• goods for which the income elasticity is greater than 0
• notation for change in value of quantity demand
• goods for which the income elasticity is greater than 1
• results when the percentage change in quantity demand is smaller than the percentage change in price