3 Tutorials that teach Elasticity
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Author: Colton Cranston
This lesson covers elasticity.
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Introduction to Psychology

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Notes on "Elasticity"

Key Terms

  • 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.