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3 Tutorials that teach Elasticity
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Elasticity

Elasticity

Author: Kate Eskra
Description:
This lesson covers elasticity.
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Tutorial

Notes on "Elasticity"

Terms to Know

Own-price Elasticity

Elasticity of demand (supply) when the price of a good changes, keeping all other variables and goods separate.

Cross-price elasticity

Change of demand (supply) that occurs due to change in price of substitutes or complements.

Elasticity

Measurement of change in quantity demanded (supplied) which indicates the sensitivity of one variable to characteristics of another variable or income.

Income Elasticity

An economic measure of change in relation to income and demand for normal, inferior and luxury goods.

Luxury Goods

A good that offers better quality and features which is consumed when income rises.

Normal Goods

Goods for which demand increases as income increases.

Inferior Goods

Goods for which demand decreases as income increases.