This document discusses the concept of elasticity in economics. It defines different types of elasticity including price elasticity of demand, cross-price elasticity, and income elasticity. Formulas for calculating each type are provided along with benchmarks for interpreting the results. Examples of elasticity calculations are given and key terms like substitutes, complements, inferior goods, and elastic vs inelastic are explained. The document concludes with an elasticity quiz including several word problems to test understanding of applying the elasticity concepts.