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Equations Flashcards

(4 cards)

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1
Q

PED

A

Price Elasticity of Demand = Percentage change in quantity / Percentage change in price.

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2
Q

YED

A

Income elasticity of demand =percentage change in quantity demanded/percentage change in income.

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3
Q

XED

A

Cross price elasticity of demand = (% change in demand of good x/ (% change of price of good y)

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4
Q

PES price elasticity of supply

A

Price elasticity of supply= percentage change in quantity supplied / percentage change in price

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Eco (2 decks)

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