1.2.3 Price, Income and Cross elasticity of demand
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6 Terms
1
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What is price elasticity of demand (PED)?
Price elasticity of demand reveals how responsive the change in quantity demanded is to a change in price.
2
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State the formula for PED.
3
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What is income elasticity of demand (YED)?
Income elasticity of demand reveals how responsive the change in quantity demanded is to a change in income.
4
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State the formula for YED.
5
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What is cross price elasticity of demand (XED)?
Cross price elasticity of demand reveals how responsive the change in quantity demanded for good A is to a change in price of good B.
6
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State the formula for XED.
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