change in the quantity demanded or supplied

price elasticity of demand percentage change in the quantity demandedof a good or service divided the

percentage change in price

price elasticity of supply percentage change in the quantity supplieddivided by the percentage change in

price

tax incidence manner in which the tax burden is divided between buyers and sellers

unitary elasticity when the calculated elasticity is equal to one indicating that a change in the price of the

good or service results in a proportional change in the quantity demanded or supplied

wage elasticity of labor supply the percentage change in hours worked divided by the percentage change in

wages

zero inelasticity the highly inelastic case of demand or supply in which a percentage change in price, no

matter how large, results in zero change in the quantity; vertical in appearance

Key Concepts and Summary

5.1 Price Elasticity of Demand and Price Elasticity of Supply
{"creationdate": "2022-12-07T14:15:44-06:00", "upload_timestamp": "2026-02-07T15:37:44.339247", "uploaded_via": "batch_uploader", "file_name": "Microeconomics3e.pdf", "batch_upload": true, "file_hash": "830b81f41611ac67a490444dbb5d6aed292224606965b06965b914443c93331a", "producer": "Prince 14.2 (www.princexml.com)", "source_file": "downloads\\business\\economics\\Microeconomics3e.pdf", "moddate": "2022-12-07T14:23:05-06:00", "file_size_mb": 26.99, "creator": "PDFMiner", "title": "Principles of Microeconomics 3e", "total_pages": 597, "source": "downloads\\business\\economics\\Microeconomics3e.pdf", "file_type": ".pdf"}