The 4 types of elasticities typically studied in intro micro are:
- own price elasticity of demand
- the relationship between market price and desired quantity demanded.
- income elasticity of demand
- the relationship between consumer income and desired quantity demanded.
- cross price elasticity of demand
- the relationship between market price of one good and desired quantity demanded of another good (usually a substitute or complement).
- own price elasticity of supply
- the relationship between market price and desired quantity supplied.
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