Elasticity E 9 Feb Written By Liam Francis Scotchmer Per (Tse), elasticity is a measure of how responsive a variable is to a change in one of its factors.One common variable can be demand:Demand elasticity is how responsive demand is to a change in a factor (price, income, price of other goods).There are 3 types of demand elasticity:Price elasticity of demand (PED)Income elasticity of demand (IED)Cross-price elasticity of demand (CED)Work cited:Tse, Harry. “Lecture-3 Equilibrium Elasticity.” 2025. Liam Francis Scotchmer
Elasticity E 9 Feb Written By Liam Francis Scotchmer Per (Tse), elasticity is a measure of how responsive a variable is to a change in one of its factors.One common variable can be demand:Demand elasticity is how responsive demand is to a change in a factor (price, income, price of other goods).There are 3 types of demand elasticity:Price elasticity of demand (PED)Income elasticity of demand (IED)Cross-price elasticity of demand (CED)Work cited:Tse, Harry. “Lecture-3 Equilibrium Elasticity.” 2025. Liam Francis Scotchmer
