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1.2 Elasticities


Definition: Elasticity is a Measure

You need to know a definition, formula, diagram, and the application for these elacticities:

  • Price Elasticity of Demand (PED)
  • Income Elasticity of Demand (YED)
  • Cross-Price Elasticity of Demand (XED)
  • Price Elasticity of Supply) (PES)