Elasticities

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Flashcards by gracewilkin97, updated more than 1 year ago
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basic elasticity

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Question Answer
definition: PED the responsiveness of the quantity demended to a change of the product
definition: XED responsiveness of demand for product x to a change in price of product y
definition: YED the respobsiveness of demand to a change in income
definition: PES the responsiveness of quntity supplied to a change in price of the product
PED equation % change QD % change P
XED equation % change QD product A % change P product B
YED equation % change QD % change I
PES equation % change QS % change P
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