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ELASTICITY (Types of Elasticity (Elastic (Elasticity LESS THAN 1,…
ELASTICITY
Types of Elasticity
Elastic
Elasticity
LESS THAN
1
Product NOT VERY RESPONSIVE
Perfect Elastic
Elasticity =
INFINITY
Q
VERY
Responsive to P
Inelastic
Elasticity
MORE THAN
1
Product RESPONSIVE
Perfect Inelastic
Elasticity = 0
Q
DOES NOT
Respond to P
Unit Elastic
Elasticity = 1
Product is RESPONSIVE
Definition
Responsiveness
Price
Towards Qd or Qs
ALWAYS
calculated in %
Calculation & Formula
Price Elasticity Demand
Price Elasticity Supply
Cross Price Elasticity
Income Elasticity
