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Elasticities - Coggle Diagram
Elasticities
Elasticity of Demand
Price Elasticity of Demand
Determinants of PED
Availability of close substitutes
Definition of the market
Time horizon
Necessities vs luxuries
Elasticities and Total Revenue
Cross-Price Elasticity of Demand
Substitutes (+ve)
Complements (-ve)
Income Elasticity of Demand
Normal goods
Inferior goods
Types of Elasticity
Elastic
Perfectly elastic
Inelastic
Perfectly inelastic
Unit elastic
Price Elasticity of Supply
Types of Elasticity
Perfectly elastic
Elastic
Unit elastic
Inelastic
Perfectly inelastic