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WEEKElasticityElasticElasticity can be divided into three categories:a) Price elasticityb)Income elasticityc)Cross elastic...
Inelastic DemandInelastic demand is a condition in which a large percentage change in the price will onlyaffect the quanti...
Unitary Elastic demand
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Lecture notes elasticity

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Lecture notes elasticity

  1. 1. WEEKElasticityElasticElasticity can be divided into three categories:a) Price elasticityb)Income elasticityc)Cross elasticityPrice elasticity can be divided into twoPrice elasticity of demandPrice elasticity of supplyPrice elasticity of demandPrice elasticity measures the degree of responsiveness of quantity demanded due to achange in its price.Degree of Price Elasticity of DemandElastic Demand (Ed>1)Elastic demand is a condition in which a small percentage change in the price of aproduct will lead to a larger percentage change in the quantity demanded.
  2. 2. Inelastic DemandInelastic demand is a condition in which a large percentage change in the price will onlyaffect the quantity demand by a small percentage.
  3. 3. Unitary Elastic demand

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