ECONOMICS UNIT 1 Part 2

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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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Card 2

Front

% change in quantity demanded / % change in price

Back

Formula for Price Elasticity of Demand

Card 3

Front

A measure of the responsiveness of supply to change in price

Back

Preview of the back of card 3

Card 4

Front

% change in quantity supplied / % change in price

Back

Preview of the back of card 4

Card 5

Front

A measure of responsiveness of demand to a change in income

Back

Preview of the back of card 5
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