https://padlet.com/145003500/d28kn7dtp6bh Elasticity & Market Failures en-us 2017-09-14 15:17:40 UTC 2025-11-12 04:53:15 UTC hello@padlet.com 149003351 https://padlet.com/145003500/d28kn7dtp6bh/wish/187611216 -Substitutability
-Proportion of Income
-Luxuries vs. Necessities
-Time]]> 2017-09-14 15:20:06 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/187611216 145003500 https://padlet.com/145003500/d28kn7dtp6bh/wish/187611375 The percent change in quantity is the same as the percent change in quantity.]]> 2017-09-14 15:20:25 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/187611375 143000449 https://padlet.com/145003500/d28kn7dtp6bh/wish/187611594 when a product is inelastic, the revenue will go up with the quantity sold, while elastic would have an inverse relationship between the two.]]> 2017-09-14 15:20:49 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/187611594 145003500 https://padlet.com/145003500/d28kn7dtp6bh/wish/187611799 The percent change in quantity is greater than the percent change in price.]]> 2017-09-14 15:21:14 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/187611799 145003500 https://padlet.com/145003500/d28kn7dtp6bh/wish/187612096 The percent change in quantity is less than the percent change in price.]]> 2017-09-14 15:21:46 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/187612096 149003351 https://padlet.com/145003500/d28kn7dtp6bh/wish/187612489 A time peiod when the change in the market price is too short to allow producers to respond with a change in quantity supplied.]]> 2017-09-14 15:22:26 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/187612489 145003500 https://padlet.com/145003500/d28kn7dtp6bh/wish/187615518 2017-09-14 15:27:11 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/187615518 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/187615544 (Change in Quantity)/sum of quantity/2)]]> 2017-09-14 15:27:13 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/187615544 145003500 https://padlet.com/145003500/d28kn7dtp6bh/wish/187616000 Perfect inelasticity: no response to a change in price.
Perfectly Elastic: Parallel line to x axis]]> 2017-09-14 15:27:52 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/187616000 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/189351365 A period of time too short to change plant capacity but long enough to use that fixed plant size more or less extensively ]]> 2017-09-20 14:34:49 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189351365 149003351 https://padlet.com/145003500/d28kn7dtp6bh/wish/189352453 Measures how sensitive consumer purchases of one product change the price of another product.]]> 2017-09-20 14:36:40 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189352453 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/189352678 A period time long enough for firms to adjust their plant sizes. The longer time producers have, the greater the output response.]]> 2017-09-20 14:37:02 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189352678 149003351 https://padlet.com/145003500/d28kn7dtp6bh/wish/189353491 The efficiency rate at which producers can shift between different resources.]]> 2017-09-20 14:38:20 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189353491 145003500 https://padlet.com/145003500/d28kn7dtp6bh/wish/189354004 Shortages and surpluses are created when the quantity is not at equilibrium]]> 2017-09-20 14:39:08 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189354004 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/189354361 Measures consumers response to a change in their incomes by buying more or less of a particular good]]> 2017-09-20 14:39:46 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189354361 143000449 https://padlet.com/145003500/d28kn7dtp6bh/wish/189355257 Supply side and demand side market failures are the two options. Supply side is when the cost of a good on the curve does not reflect reality, while supply is when the consumer's willingness to pay for a good is not reflected on the curve.

]]> 2017-09-20 14:41:14 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189355257 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/189357082 Occurs when the demand curve doesn't reflect the full willingness of the consumer ]]> 2017-09-20 14:44:26 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189357082 143000449 https://padlet.com/145003500/d28kn7dtp6bh/wish/189357442 when a consumer is paying less than their maximum willingness to pay for a good

]]> 2017-09-20 14:45:01 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189357442 149003351 https://padlet.com/145003500/d28kn7dtp6bh/wish/189357815 Difference between the amount the producer receives, and the minimum price a consumer would demand for the product.]]> 2017-09-20 14:45:34 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189357815 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/189357898 Occurs when the supply curve doesn't reflect the full cost of producing a good or service ]]> 2017-09-20 14:45:42 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189357898 143000449 https://padlet.com/145003500/d28kn7dtp6bh/wish/189358323 Competition forcing producers to use the best technology and resources available, minimizing the cost.

]]> 2017-09-20 14:46:21 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189358323 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/189358912 Achieved because the correct number or resources is allocative to a particular good, relative to other competitive goods and services.]]> 2017-09-20 14:47:22 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189358912 143000449 https://padlet.com/145003500/d28kn7dtp6bh/wish/189359326 Consumer and producer surplus reduction; a result from both underproduction and overproduction]]> 2017-09-20 14:48:06 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/189359326 145003500 https://padlet.com/145003500/d28kn7dtp6bh/wish/190160116 Move resources from private to public sector by making taxes that lower producer's demand for resources.]]> 2017-09-22 14:50:12 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/190160116 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/190160326 Goods that are offered for sale in stores or the internet]]> 2017-09-22 14:50:41 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/190160326 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/190160790 When one person buys and consumes a good, it isn't available for another person to buy it ]]> 2017-09-22 14:51:39 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/190160790 145003500 https://padlet.com/145003500/d28kn7dtp6bh/wish/190161355 The public goods (education, streets, police) that could be produced in private sector. Govt produces them to avoid underproduction of them by businesses.]]> 2017-09-22 14:52:55 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/190161355 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/190161620 Sellers can keep people from buying a product by raising the price of a good.]]> 2017-09-22 14:53:29 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/190161620 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/190162420 Everyone can simultaneously obtain the benefit from a public good such as national defense, street lighting, and environmental protection]]> 2017-09-22 14:55:03 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/190162420 145003500 https://padlet.com/145003500/d28kn7dtp6bh/wish/190162759 Logical way to decide how much of a public good should be produced by the govt. MB must be greater than MC.]]> 2017-09-22 14:55:44 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/190162759 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/190163487 There is no effective way of excluding individuals from the benefit of the good once it comes into existence ]]> 2017-09-22 14:57:14 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/190163487 145003500 https://padlet.com/145003500/d28kn7dtp6bh/wish/190164061 Add together people's willingness to pay for a good.]]> 2017-09-22 14:58:27 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/190164061 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/190164684 Free riding is when someone is willing to pay for a public good but there is no feasible way to make them pay without excluding other.]]> 2017-09-22 14:59:53 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/190164684 143000449 https://padlet.com/145003500/d28kn7dtp6bh/wish/191719163 a product's cost or benefit is carried over to someone who is not the immediate buyer or seller.]]> 2017-09-27 15:21:24 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/191719163 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/191719308 When someone who didn't directly buy the good or product are affected. Like a concert, or a loud barking dog, others can hear the noise when the individuals didn't spend their dollar votes. ]]> 2017-09-27 15:21:38 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/191719308 143000449 https://padlet.com/145003500/d28kn7dtp6bh/wish/191720355 cause Supply-side market failures. This is because a producer did not take into account for all of the production costs, such as pollution. It can be fixed by direct controls and specific taxes.]]> 2017-09-27 15:23:18 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/191720355 155003534 https://padlet.com/145003500/d28kn7dtp6bh/wish/191721648 2017-09-27 15:25:19 UTC https://padlet.com/145003500/d28kn7dtp6bh/wish/191721648