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price. If a curve is more elastic, then small changes in price will cause large changes in quantity
consumed. If a curve is lesselastic, then it will take large changes in price to effect a change in
quantity consumed.
Price elasticity of demand is a measure of the relationship between a change in the quantity
demanded of a particular good and a change in its price. Price elasticity of demand is a
term in economics often used when discussing price sensitivity. The formula for calculating
price elasticity of demand is:
Price elasticity of supply (PES or Es) is a measure used in economics to show the
responsiveness, or elasticity, of the quantity supplied of a good or service to a change in
its price.
income elasticity of demand measures the responsiveness of the quantity demanded for a
good or service to a change in the income of the people demanding the good, ceteris paribus.
the cross elasticity of demand or cross-price elasticity of demand measures the
responsiveness of the quantity demanded for a good to a change in the price of another good,
ceteris paribus.
more than the numerator (Ed<1). If the demand is elastic, then the change in Quantity demanded will be
higher than the change in price (Ed>1)