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ELASTICITY - Coggle Diagram
ELASTICITY
Price Elasticity of Demand (Ed)
Formula
1.% change in Qd / % change in Price
2.% change in Qd=
3.% change in Price=
Demand Curve
1.Elastic at any price above midpoint (B)
2.Unit elastic at midpoint (B)
3.Inelastic at any price below(B)
2 influences:
1.Availability of substitutes
2.Proportion of income spent
Relationship to Total Revenue(TR)
Price Elasticity of Supply(ES)
Formula
1.% change in Qs / % change in Price
2.% change in Qs
3.% change in Price
2 influence:
1.Production possibilities
2.Storage possiblities
Cross Elasticity of Demand (CEd)
Formula
% Change in Qd / % change in Price of Substitute/compliment
Income Elasticity
Formula
% Change in Qd / %Change in Income