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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.
Perfect competition: Perfect completion refers to the market structure in which there are a large number of relatively small firms, each firm having freedom of entry into and
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Determinants of the Income Elasticity of the Demand: The determinants of income elasticity of demand are given below: The Degree of necessity of the commodity.
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