one seller
percentage change of a variable
<1 is price inelastic
needs and wants
limitless wants
trading for more of another good
price determination
price setter
two goods compared
inefficient
cost of not enjoying the other benefit
downward sloping
produced with given resources
equilibrium
no competition
alternates
limited availability
unique product
price and quantity
similar goods have different prices
>1 is price elastic
coupons and age discounts
change in price on change in demand
unattainable
