| Elasticity |
Three methods to find
the elasticity from a demand curve
Relationship between
slope and demand elasticity ; comparison of elasticity among different demand curves
Relationship between
total revenue and demand elasticity( elasticity = 1 : TR will not be changed no matter how
price changes)
Income elasticity :
it's impossible to have all goods with income elasticity > 1
Cross elasticity
positive for
substitutes
negative for
complements
PCC and ICC
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