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elasticity, surplus and efficiency - Coggle Diagram
elasticity, surplus and efficiency
surplus
consumer surplus
producer surplus
efficiency
productive efficiency
allocative efficiency
efficiency losses
overproduction
underproduction
elasticity
price elasticity of demand
price elasticity co-efficient
averages
percentages
eliminate minus sign
total revenue
determinants
substitutability
proportion of income
luxury vs necessity
time
relative elasticity
cross elasticity of demand
income elasticity of demand
inferior goods
normal goods
insight provision
unit elasticity
perfect elasticity
perfect inelasticity
price elasticity of supply
market period
immediate market period
short run
long run
relative inelasticity