Elasticity Calculations 0.0 / 5 ? EconomicsElasticityASAll boards Created by: Millie8988Created on: 22-11-17 19:10 Price Elasticity of Demand PED= %change in quantity demanded/ %change in price Definition: A measure of responsiveness of quantity demanded in response to a change in goods' own price 1 of 4 Price Elasticity of Supply PES= %change in quantity supplied/ %change in in price Definition: A measure of responsiveness of supply of a good in response to a change in goods' own price. 2 of 4 Income Elasticity of Demand YED=%change in quantity demanded/ %change in income Definition: A measure of responsiveness of quantity demanded in response to a change in people's [real] income. 3 of 4 Cross Price Elasticity of Demand XPED= %change in quantity demanded GoodA/ %change in price of GoodB Definition: A measure of responsiveness of quantity demanded of one good [A] to the response in a change in price of another good [B]. 4 of 4
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