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| Question | Answer |
| Elasticity | a measure of the responsiveness of quantity demanded or quantity supplied to change in one of its determinants |
| Price Elasticity of Demand | a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price |
| Total Revenue (TR) | the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold |
| Income Elasticity of Demand | a measure of how much the quantity demanded of a good responds to a change in consumers' income, computed as the percentage change in quantity demanded divided by the percentage change in income |
| Cross-price Elasticity of Demand | a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in price of the second good |
| Price Elasticity of Supply | a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price |
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