This document discusses four types of elasticity: 1. Price elasticity of demand measures how responsive quantity demanded is to price changes. It is calculated by dividing the percentage change in quantity by the percentage change in price. 2. Cross elasticity of demand measures how responsive the quantity demanded of one good is to price changes in another good. It shows if goods are substitutes or complements. 3. Income elasticity of demand measures how responsive quantity demanded is to changes in consumer income. It helps determine if a good is normal, inferior, or a luxury. 4. Price elasticity of supply measures how responsive quantity supplied is to price changes. It depends on factors like time available for producers to adjust supply