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Elasticities


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Elasticity
Measure of Responsiveness of Demand and Supply
Demand Elasticity
Measure of how much the demand for a product changes when there is a change in one of the factors that affect demand
Price Elasticity of Demand
Measure of how much the quantity demand of a product changes when there is a change of price of the product
Cross Elasticity of Demand
Measure of how much the quantity demand of a product changes when there is a change of the price of another product
Income Elasticity of Demand
Measure of how much the quantity demand of a product changes when there is a change in the consumer's income
Determinants of Demand Elasticity
# of Substitutes, Necessity of the Product, How wide the product is defined, time period considered
Supply Elasticity
Measure of how much the supply of a product changes when there is a change in the price of a product
Determinants of Supply Elasticity
How much costs rise at output increases, the time period considered, the ability to store stock
Level 5