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1g g.   List and explain all the measures of elasticity that were covered in the slides,...

1g g.   List and explain all the measures of elasticity that were covered in the slides, including elasticity Income, and Cross Elasticity of Demand.

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Answer #1

Price elasticity of demand=Its the degree of responsiveness of quantity demanded due to some % change in prices keeping other factor constant.

Income elasticity of demand-its the degree of responsiveness of quantity demand due to some % change in income ceteris paribus. Income elasticity is less than one for necessity goods and greater than one for luxury goods.

Cross elasticity of demand-its the degree of change in quantity demanded due to change in price of related goods. Cross elasticity is negative for complement good and positive for substitute good

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