Académique Documents
Professionnel Documents
Culture Documents
Elasticity
Types of elasticity
The price elasticity of demand
The income elasticity of demand
The cross elasticity of demand
The price elasticity of supply
Q P
ep
P Q
Q2 Q1 / Q1 Q2
ep
P2 P1 / P1 P2
Substitution possibilities
The degree of complementarity of the product
The type of want satisfied by the product
The time period under consideration
The proportion of income spent on the product
The definition of the product
Advertising
Durability
The number of uses for the product
Addiction
inferior good
substitutes
ec < 0
complements
ec = 0
unrelated goods
Time
Expectations
Stockpiling
Excess capacity
Availability of inputs