3 Tutorials that teach Elasticity
Take your pick:


Author: Kate Eskra
This lesson covers elasticity.
See More
Introduction to Psychology

Analyze this:
Our Intro to Psych Course is only $329.

Sophia college courses cost up to 80% less than traditional courses*. Start a free trial now.


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.


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.