What are the different types of elasticity in economics?
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What are the different types of elasticity in economics?
In economics, elasticity measures how much the quantity demanded or supplied changes in response to price changes. The main types are price elasticity of demand, price elasticity of supply, income elasticity of demand, and cross-price elasticity.
Can you explain price elasticity of demand?
Price elasticity of demand measures how much the quantity demanded of a good responds to a change in its price. It's calculated as the percentage change in quantity demanded divided by the percentage change in price.
What factors affect price elasticity of demand?
Several factors affect price elasticity of demand, including the availability of substitutes, the necessity of the good, the proportion of income spent on the good, and the time period considered.
What is income elasticity of demand?
Income elasticity of demand measures how the quantity demanded of a good changes as consumer income changes. It's calculated as the percentage change in quantity demanded divided by the percentage change in income.
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