ECONOMICS UNIT 1 Part 2 2.0 / 5 based on 1 rating ? EconomicsASAQA Created by: Abby BogueCreated on: 15-03-13 20:08 Price Elasticity of Demand A measure of the responsiveness of demand to a change in price 1 of 8 Formula for Price Elasticity of Demand % change in quantity demanded / % change in price 2 of 8 Price Elasticity of Supply A measure of the responsiveness of supply to change in price 3 of 8 Formula for Price Elasticity of Supply % change in quantity supplied / % change in price 4 of 8 Income Elasticity of Demand A measure of responsiveness of demand to a change in income 5 of 8 Formula for Income Elasticity of Demand % change in quantity demanded / % change in income 6 of 8 Cross Elasticity of Demand A measure of the responsiveness of demand for one good to change in the price of another good 7 of 8 Formula for Cross Elasticity of Demand % change in quantity demanded of good A/ % change in price of good B 8 of 8
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