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Economics - Coggle Diagram
Economics
Elasticity of demand
PED
Responsiveness to Qd when change in P
Perfectly inelastic, no change in Qd
Perfectly elastic, change in P = no Qd
Inelastic demand
% change in P > % change in Qd
Ex: Branded products (Apple)
Essential goods
Elastic demand
% change in Qd > % change in P
Luxury items
Ex: Lenovo laptop
Demand / Supply
Shift in curve
Non-price determinant
Change in quantity
Disequilibrium
Movement along curve
Law of supply and demand
Result of a shift in curve
Equilibrium
Signalling function
Allocative efficiency
P1Q1
Revenue
Average revenue
Total revenue / output
Marginal revenue
Revenue when producing extra unit
Revenue maximisation
MR = 0
Vertex of TR