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Unitary elasticity of supply: PES = 1, percentage change in supply equals percentage change in price
PES=1: price %Δ = supply %Δ. Perfect supply response to price ch...Read more

Unitary elasticity of supply: PES = 1, percentage change in supply equals percentage change in price

PES=1: price %Δ = supply %Δ. Perfect supply response to price changes. Balanced market adaptation....Read more
08
Jan
2026
Inelastic supply: PES < 1, quantity supplied responds weakly to price changes
Inelastic supply: quantity supplied changes little when prices c...Read more

Inelastic supply: PES < 1, quantity supplied responds weakly to price changes

Inelastic supply: quantity supplied changes little when prices change (PES < 1)....Read more
08
Jan
Elastic supply: PES > 1, quantity supplied responds strongly to price changes
PES > 1: Supply quantity responds more than proportionally to pr...Read more

Elastic supply: PES > 1, quantity supplied responds strongly to price changes

PES > 1: Supply quantity responds more than proportionally to price changes....Read more
08
Jan
Price elasticity of supply (PES): responsiveness of quantity supplied to a change in price
Price elasticity of supply (PES) measures the responsiveness of ...Read more

Price elasticity of supply (PES): responsiveness of quantity supplied to a change in price

Price elasticity of supply (PES) measures the responsiveness of the quantity supplied of a good to a change in its price....Read more
08
Jan
PED and revenue relationship: elastic demand → price rise lowers revenue; inelastic demand → price rise increases revenue
Price elasticity of demand: Revenue rises with price hikes for i...Read more

PED and revenue relationship: elastic demand → price rise lowers revenue; inelastic demand → price rise increases revenue

Price elasticity of demand: Revenue rises with price hikes for inelastic goods, falls for elastic goods....Read more
08
Jan
Total revenue: price × quantity sold
Total revenue is the total income a firm receives from selling i...Read more

Total revenue: price × quantity sold

Total revenue is the total income a firm receives from selling its goods or services, calculated as the product of price per unit and the tota...Read more
08
Jan
Five-Year Plan: A series of centralized economic plans launched by the Soviet government to boost industrial and agricultural output
A government's centralized, long-term economic strategy. Histori...Read more

Five-Year Plan: A series of centralized economic plans launched by the Soviet government to boost industrial and agricultural output

A government's centralized, long-term economic strategy. Historically used to industrialize nations, coordinate production, and accelerate dev...Read more
08
Jan
Red Terror: The campaign of mass arrests and executions carried out by the Bolsheviks during the Civil War
The systematic political repression and mass violence under Bols...Read more

Red Terror: The campaign of mass arrests and executions carried out by the Bolsheviks during the Civil War

The systematic political repression and mass violence under Bolshevik rule following the 1917 Russian Revolution....Read more
08
Jan
Civil War: The war between the Bolshevik Red Army and the anti-Bolshevik White forces (1918–1921)
“Civil War” defines a nation’s internal armed conflict over sove...Read more

Civil War: The war between the Bolshevik Red Army and the anti-Bolshevik White forces (1918–1921)

“Civil War” defines a nation’s internal armed conflict over sovereignty or governance, reshaping its historical trajectory and national identi...Read more
07
Jan
Zero XED: goods are unrelated
Cross-price elasticity zero: unrelated goods. Demand independent...Read more

Zero XED: goods are unrelated

Cross-price elasticity zero: unrelated goods. Demand independent. Price changes in one good do not affect the quantity demanded of the other. ...Read more
07
Jan
Negative XED: goods are complements
Complements: Negative XED. Price change in one good inversely af...Read more

Negative XED: goods are complements

Complements: Negative XED. Price change in one good inversely affects demand for its paired product, indicating joint consumption....Read more
07
Jan
Positive XED: goods are substitutes
Substitute goods have positive XED. Demand rises for one when th...Read more

Positive XED: goods are substitutes

Substitute goods have positive XED. Demand rises for one when the other's price increases, indicating competitive market relationships....Read more
07
Jan
Cross elasticity of demand (XED): responsiveness of demand of one good to a price change of another good
Demand change for Good A when Good B's price shifts. Measures su...Read more

Cross elasticity of demand (XED): responsiveness of demand of one good to a price change of another good

Demand change for Good A when Good B's price shifts. Measures substitution/complement dynamics. Key for pricing and market analysis....Read more
07
Jan
Inelastic income demand: 0 < YED < 1
"Necessity goods: income rises, demand grows less than proportio...Read more

Inelastic income demand: 0 < YED < 1

"Necessity goods: income rises, demand grows less than proportionally (YED 0-1), vital for stable markets."...Read more
07
Jan
Elastic income demand: YED > 1
Elastic YED (>1): Demand shifts more than income, highlighting l...Read more

Elastic income demand: YED > 1

Elastic YED (>1): Demand shifts more than income, highlighting luxury goods and income sensitivity....Read more
07
Jan

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