Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Elasticity . . .
Demand elasticityis a measure of howmuch buyers
respond
to changes price,
income, and other things.
Supply elasticityis a measure of howmuch sellers respond to changes in price
and other things.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Flavors of elasticity
Price Elasticity of Demand
Income Elasticity of Demand
Advertising Elasticity of Demand
Price Elasticity of Supply
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Price Elasticity of Demand
•
Price elasticity of demand:
•
the percent change in quantitydemanded in response to apercent change in price.
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