Chapter 20 elasticity
Key terms – matching and translation.
Read aloud the key term and its definition so that they make up a
single sentence. (Remember about the agreement between the subject
and the predicate!). Translate the sentences you have arrived at
from English into Russian.
Set 1
inelastic demand
|
Income
elasticity < 0.
|
normal
goods
|
Falls on
the person who suffers reduced
purchasing power because of a tax.
|
complementary goods
|
Positive cross-elasticity of demand.
|
legal incidence of taxation
|
Income
elasticity > 0.
|
unitary
price elasticity of demand
|
Price
changes are proportionally greater
than resulting quantity changes.
|
substitute goods
|
Falls on person or firm who pays the tax to
the
government.
|
determinants
of elasticities of demand
|
The ratio of proportionate changes between two related variables.
|
inferior goods
|
Time
period, availability of substitutes, budget
share.
|
economic incidence of taxation
|
Total revenue is immune to price changes.
|
elasticity
|
Negative price cross-elasticity of demand.
|
Set 2
perfectly inelastic demand
|
A straight line through the origin when
graphed.
|
relatively inelastic demand
|
A tangent to this curve intersects the horizontal axis.
|
unitary demand elasticity
|
A horizontal curve when perfect substitutes are available.
|
relatively elastic demand
|
Land is the best single example.
|
perfectly elastic demand
|
When
graphed, this is a rectangular hyperbola.
|
perfectly inelastic supply
|
Price
cuts yield increases in revenue and spending.
|
relatively inelastic supply
|
No one has ever been able to give a satisfactory example.
|
unitarily elastic supply
|
A firm
faced by this will profit by raising
its prices.
|
relatively elastic supply
|
When
sellers respond vigorously if the price
rises slightly.
|
perfectly elastic supply
|
Makes vast amounts of a good available at a constant price.
|
Text translation.
Translate the text from English into Russian in
writing paying particular attention to the translation of the
economic terms in bold
as well as words and phrases relevant to the subject of the text.
Read out your translation in class and
introduce the necessary
corrections.