ELASTICITY Chapter 2 A couple of 'cheat sheet' slides. In other words, a little summary. Hope this helps! Good luck!

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ELASTICITY Chapter 2 A couple of 'cheat sheet' slides. In other words, a little summary. Hope this helps! Good luck!

__?__ elasticity of __?__ 4 Types __?__ elasticity of __?__ Price elasticity of demand Income elasticity of demand Cross-price elasticity of demand Price elasticity of supply

Elastic ∞ Interpret the sign Relative E (1-∞) Elastic Complement Relative IE (0-1) Inelastic (0) Unitary E (1) Interpret the sign + Normal Product 0-1 Essential >1 Luxury Product - Inferior Complement Substitute Elastic Relative E (>1) Inelastic (0) Unitary E (1)

POINT ARC WITHOUT slope With SLOPE WITHOUT slope With SLOPE

Price Elasticity Prys Elastisiteit Perfectly Inelastic UNITARY Elastic 1 UNITARY Elastic 1 Perfectly Elastic Perfectly Elastic ¥ ¥ - 1 +1 Relatively Elastic 1 - Relatively Inelastic 0-1 Relatively Elastic 1- ¥ ¥ Demand Supply