Elasticity, Microeconomics

Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.”

Types of Elasticity can be explained as follows:

There are four major types of elasticity which are stated below:

Price Elasticity of the Demand.

Price Elasticity of the Supply.

Income Elasticity of the Demand.

Cross-Price Elasticity of the Demand.

Posted Date: 7/19/2012 3:52:51 AM | Location : United States







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Elasticity of Demand Price elasticity of demand measures percentage change in quantity demanded which results from a 1 % change in price.                 Price Elasticity


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